Bulk servicing packages continue to hit the open market as the first quarter draws to a close. Meanwhile, Mr. Cooper puts a number on its 2022 layoffs, burying the disclosure in an SEC filing: 1,200.
Following Jay Farner’s surprise move to retire, the mortgage company has retained a “leading firm” to consider both internal and external candidates for the CEO position.
Government lending accounted for a rising share of first-lien originations in 2022 largely by taking in higher-risk loans. The steepest decline in the fourth quarter was in conventional-conforming production. (Includes two data charts.)
In a surprise move, loanDepot Executive Chair Anthony Hsieh has stepped down, though he remains as chairman. What’s clear: The LD founder is not a happy camper, as insiders sell stock and the firm’s fortunes fade.
The TILA-RESPA Integrated Disclosure rules require mortgage lenders to disclose prices within three days of an application. But to do so they have to rely on frequently faulty income and debt information.
Communication is key when mortgage companies face financial difficulties and potential breaches of warehouse financing covenants. Warehouse providers are looking for profitability plans for nonbanks.
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