Northpointe Bank to shutter its correspondent lending business
Northpointe Bank will exit its correspondent lending business to focus on retail lending, mortgage warehouse financing and specialty loan servicing.
Northpointe Bank will exit its correspondent lending business to focus on retail lending, mortgage warehouse financing and specialty loan servicing.
JP Morgan Chase shed hundreds of employees in its home lending division Wednesday. The company would not confirm the exact number, but said this is a natural ebb and flow of reviewing “business and customer needs and adjusting staff accordingly.” This includes ” creating new roles where we see the need or reducing positions when … [Read more…]
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 California-based Pennymac Financial Services executives rightsized the company and invested in its servicing portfolio in 2022.