Impac Mortgage Holdings repositions as broker shopÂ
Impac Mortgage Holdings is repositioning itself as a mortgage brokerage and voluntarily giving up its seller-servicer designation with Fannie Mae and Freddie Mac.
Impac Mortgage Holdings is repositioning itself as a mortgage brokerage and voluntarily giving up its seller-servicer designation with Fannie Mae and Freddie Mac.
Celebrity Home Loans exits correspondent channel HousingWire
Wells Fargo has continued to retreat from the residential lending arena, laying off hundreds of mortgage bankers this week. The latest job cuts impacted more than 500 employees, Bloomberg reported, citing a person with knowledge of the situation. Wells Fargo announced last month that it’s taking its home lending business in a “new strategic direction,” … [Read more…]
Here in Las Vegas (Why did the Dalai Lama go to Las Vegas? Because he loves Tibet) the population is about 650,000 with all manners of housing, subdivisions, and lifestyles. But around the nation and world, there are numerous ways and places to live. Hereâs a story about a former NFL star who says he saved money by living inside Cincinnati Bengals stadium. What do Stowe, Vermont, Whitefish, Montana, and Lake Placid, New York have in common? The three U.S. towns made Travel & Leisureâs 25 Most Beautiful Small Towns. If you only want a house for part of the year, with elevated mortgage rates and home prices having risen considerably, the solution might be buying 1/6 of a house. Or sharing equity, which is what some of your borrowers and homeowner clients consider. âAn Unlock HEA gives you cash in exchange for a portion of your homeâs future value.â Or one can live underwater. (Todayâs podcast can be found here and this weekâs is sponsored by Built Technologies. Construction and real estate solutions for better financial management. Improve business performance with faster, smarter tools, for all stages of the property lifecycle. Todayâs has an interview with Sasha Ramani, CEO of MPOWER Financing on companies beginning to ditch credit scores when loaning money. Broker and Lender Products and Services The Konami Code is one of the most well-known cheat codes in video game history. Unfortunately, lenders canât just press a sequence of buttons to make productivity struggles disappear. But that doesnât mean there isnât a solution thatâs nearly as simple and effective! SimpleNexus, an nCino company, is helping lenders hack the mortgage experience with its single-sign-on mobile homebuying application that connects lenders, real estate agents, and homebuyers from pre-application to close. If youâre attending ICE Experience 2023 this week, SimpleNexus invites you to âLevel Upâ at booth #125. Come for the free t-shirts and stay for the retro video games and illuminating discussions about the latest advancements in digital home lending. Want to put your name on the mortgage industryâs leaderboard? Earn a top score with SimpleNexus.
Wells Fargo issued pink slips to employees in its home lending business on Tuesday following its decision to exit the correspondent channel.
Six months after shutting down its correspondent division, Celebrity Home Loans’ retail channel is now at risk, sources told HousingWire.
Northpointe Bank will exit its correspondent lending business to focus on retail lending, mortgage warehouse financing and specialty loan servicing.
Mr. Cooper reviewed nearly 300 MSR deals the company was offered over the last two years, CEO Jay Bray said. They ended up winning 23% of what they bid on.
âWhere can you always find money? In the dictionary.â Plenty of lenders and finding the money to buy other companies while smaller ones are looking for the right buyer. Eat or be eaten seems to be the name of the game as lenders hungry for production are courting other lenders. Some just get out of the game entirely. (See lender and investor section below.) Cutting costs and being efficient continue to be of paramount importance regardless of plans for the future. Is the credit process cost effective and efficient? Yesterday I mentioned changes in the credit world and received, âRob, when will companies learn that there are âtoo many snouts in the credit troughâ? Thereâs Fair Isaac, the Bureaus, and the credit resellers. It is not a level playing field, and now, like the old days of having different gfees for different lenders, lenders are slotted into âtiersâ. In the next few years, weâll be moving from a tri-merge environment to a bi-merge environment. Regardless of what comes our way, the overall construct of this portion of our business is shaky.â Editorâs note: âShakyâ is not good in this environment. (Todayâs podcast can be found here and this weekâs is sponsored by SimpleNexus, an nCino company and homeownership platform unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution that spans engagement, origination, closing, and business intelligence. I go on todayâs podcast to talk with Robbie about the industry ramping up mortgage travels and how mortgage market cycles have historically played out.)
The company’s sub-servicing portfolio ended 2022 with assets under management reaching $17.5 billion, a 400% surge from the previous year. PMG added private clients in all asset-class sectors and improved execution through technology enhancements. The company’s active managed portfolio reached 36,000 assets, including non-QM, residential transitional loans, debt service coverage ratio loans, non-performing loans, and … [Read more…]