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Blue Ridge Bankshares is selling its mortgage banking division

Housing Wire

on Thursday announced that Blue Ridge Bank has entered into a definitive asset purchase and sale agreement to sell certain assets of its mortgage division. Monarch Mortgage provides mortgage banking services, including the origination and processing of residential mortgages primarily for sale on the secondary market.

Banks 311
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What is a real estate broker vs. an agent? We explain the key differences

Housing Wire

Though most commonly thought of for residential deals, real estate agents can also help people buy, sell or rent commercial properties, land and more. An agent may also be present at closings to review closing documents and help guide their client through the final steps. How do real estate agents get paid?

Agents 448
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EasyKnock faces consumer lawsuits and actions from state regulators

Housing Wire

Residential sale-leaseback platform EasyKnock continues to face scrutiny from state regulators and is now under fire from disgruntled consumers. EasyKnock agreed to permanently end its sale-leaseback solution in Massachusetts, and to pay $200,000 to the state as part of the terms of its settlement. The platform closed a $3.5

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No ’horror stories’ from agents on the first weekend of NAR settlement changes

Housing Wire

17, 2024 , has come and gone, and the real estate industry is still plugging along, despite the business practice changes mandated by the National Association of Realtors’ (NAR) commission lawsuit settlement agreement now being implemented nationwide. The landmark date of Aug. I know quite a few agents it hurt.

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Flagstar Bancorp cuts 20% of its mortgage staff

Housing Wire

“Gain on sale revenue was under significant pressure throughout the quarter as the velocity of the increase in mortgage rates rose at the fastest rate this century,” Alessandro DiNello, president and chief executive officer of Flagstar Bancorp, said in a statement. Meanwhile, refinances fell significantly, from $9.8 billion in Q1 2022.

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Fannie Mae unveils $997M reperforming loan offering 

Housing Wire

Fannie Mae has launched its fourth reperforming-loan sale of the year — an offering of 6,130 loans with an unpaid principal balance of $997 million. Loans in Pools 1 thru 3 are being serviced by New Residential Mortgage LLC , NewRez LLC and Fannie Mae — and subserviced by NewRez LLC, Fannie’s fact sheet on the deal states. billion.

Loans 397
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JPMorgan to buy almost $2B of mortgages in the PacWest deal: reports

Housing Wire

JPMorgan Chase will buy nearly $2 billion worth of mortgages to grease Banc of California ‘s purchase of PacWest Bancorp , Bloomberg reported. The bank entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, according to the outlet.