Better is touting investments in artificial intelligence to help slash costs tied to originating refis. The lender is also building a distributed retail operation to increase production of purchase mortgages.
Mortgage-banking income reported by nonbank lenders nearly tripled in the fourth quarter to $3.86 billion. The gain came from massive markups of MSR values thanks to rising interest rates. (Includes data table.)
After achieving profitability in the third quarter, loanDepot returned to the red in the fourth quarter. And the CEO brought on to turn the nonbank’s fortunes around three years ago is departing, with company founder Anthony Hsieh taking a larger role.