Stay updated with breaking news from Contact chrisman. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Big and small, they aren’t the first and won’t be the last. Residential lenders everywhere are ruminating on Notarize laying off 75 percent of its legal staff, the closure of fledgling correspondent Cypress Mortgage Capital, “powered by Celebrity Home Loans,” and the announced winddown and shutdown of loanDepot’s wholesale channel, effective by Halloween, along with dramatic cuts to its retail division. Frank Martell took LD’s helm in April, and announced the bad Q2 results (fortunately helped by servicing income). loanDepot is not alone. Of course it’s stock, and that of nearly every lender, has not done well after its initial investors cashed out: LDI went public at $14 per share, hit a high that day of nearly $40 per share, and closed yesterday at $1.84. If someone had invested their life savings of $1 million at the high, their life savings would be worth $46,000 now. Thousands have been laid off, not only from loanDepot but from oth ....
While we await FEMA to declare the Yellowstone area a disaster (page down and spend 40 seconds watching the video) is “niches to riches” the new informal slogan of loan officers? LOs are certainly watching how higher interest rates have already impacted American homeownership as rising mortgage rates and house prices reduce buyer affordability. At the other ends of the loan process, making the rounds, which capital markets staff say is causing confusion, via ZeroHedge is a blog post from Louis Barnes at Cherry Creek Mortgage declaring MBS going “no-bid”. While many of us can agree liquidity isn’t what it once was, there are still massive volumes of MBS being transacted upon daily. Bid/ask spreads are certainly not as tight as they once were but we are a far cry from the early days of COVID 19 where some dealers outright refused to trade TBA. In other words, liquidity isn’t what it is in a normal market, and bid/ask spreads are wider, but no one ....
MLO Jobs; Broker Wanted; Trading Execution, Cost Cutting, Non-QM, AMC Products; Investor Processing Tweaks mortgagenewsdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagenewsdaily.com Daily Mail and Mail on Sunday newspapers.
Non-QM, MLO, AE Jobs Nationwide; VA, PMI, ECOA, Pricing; LO Compliance Products mortgagenewsdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagenewsdaily.com Daily Mail and Mail on Sunday newspapers.
Recruiting, Training, MLO, AE Jobs; DPA, Tech Products; Principals and Attorneys Weigh in on Wholesale Tumult; Strong Jobs Data! Mar 5 2021, 8:40AM In the legal field, virtual litigation is thought to be here to stay, vaccine or no vaccine. And as the pandemic continues, and remote hiring continues for lenders, CEOs, owners, and managers are grappling with the thought of having scattered workforces going forward, and there will be no, “Okay, everyone back to the office!” when people were hired thousands of miles away. And housing is reacting: With 70+ millennials running around, and housing starts and building permits showing about 1.5 million units a year being built, there’s a shortage! Another reason why inventory is so tight? A good portion of housing starts are tear-downs, which means a new structure is replacing an older one, so there is no net change in housing inventory. There are creative ways around that. For example, in Louisian ....