FGMC lays off most of its staff

First Guaranty Mortgage Corporation (FGMC) cut about 80% of its workforce on Friday and has stopped accepting new mortgage applications, according to multiple reports, with former employees suggesting the company is closing… 

Second homes: Demand falls as loan fees & rates rise

After a pandemic-era boom, demand for second homes has fallen below the pre-pandemic baseline for the first time in two years and mortgage-rate locks for second homes are down 4% from before the pandemic in May…

Past-due mortgages hit record low for third straight month

The national delinquency rate fell five basis points from April to 2.75% in May, continuing the downward trend in overall delinquencies of the prior two months and marking yet another new low. Month over month, the rate fell nearly 2%…

Renters find themselves in bidding wars for apartments

Renters continue to face challenges finding suitable, affordable housing, and now many renters across the nation are finding themselves facing bidding wars to get a new apartment. The U.S. “has been underproducing both rental units and…

Q1 2022: Home flips rose, but profit margins fell

Q1 2022 home flips reached their highest level since at least 2000, up from 6.9%, or one in every 14 home sales in the nation during the fourth quarter of 2021, and from 4.9%, or one in 20 sales, in the first quarter of last year…

More markets poised for home price declines

With the housing market starting to cool after a wild upward climb, experts are still predicting there’s still some room left for them to rise. But in certain areas, sharp declines are expected—and the number of areas poised for a drop…

JPMorgan cuts hundreds of home-lending jobs

JPMorgan Chase & Co. is laying off “hundreds of home-lending employees” and reassigning hundreds more, with a total of more than 1,000 U.S. workers impacted. Half of those will be moved to different divisions, according to the article…

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EXEC SPOTLIGHT

FGMC lays off most of its staff

First Guaranty Mortgage Corporation (FGMC) cut about 80% of its workforce on Friday and has stopped accepting new mortgage applications, according to multiple reports, with former employees suggesting the company is closing… 

Second homes: Demand falls as loan fees & rates rise

After a pandemic-era boom, demand for second homes has fallen below the pre-pandemic baseline for the first time in two years and mortgage-rate locks for second homes are down 4% from before the pandemic in May…

Past-due mortgages hit record low for third straight month

The national delinquency rate fell five basis points from April to 2.75% in May, continuing the downward trend in overall delinquencies of the prior two months and marking yet another new low. Month over month, the rate fell nearly 2%…

Renters find themselves in bidding wars for apartments

Renters continue to face challenges finding suitable, affordable housing, and now many renters across the nation are finding themselves facing bidding wars to get a new apartment. The U.S. “has been underproducing both rental units and…

Q1 2022: Home flips rose, but profit margins fell

Q1 2022 home flips reached their highest level since at least 2000, up from 6.9%, or one in every 14 home sales in the nation during the fourth quarter of 2021, and from 4.9%, or one in 20 sales, in the first quarter of last year…

More markets poised for home price declines

With the housing market starting to cool after a wild upward climb, experts are still predicting there’s still some room left for them to rise. But in certain areas, sharp declines are expected—and the number of areas poised for a drop…

JPMorgan cuts hundreds of home-lending jobs

JPMorgan Chase & Co. is laying off “hundreds of home-lending employees” and reassigning hundreds more, with a total of more than 1,000 U.S. workers impacted. Half of those will be moved to different divisions, according to the article…

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#MortgageTechBits

Sales Boomerang, Mortgage Coach merge

Borrower intelligence and retention system firm Sales Boomerang has merged with Mortgage Coach, a platform empowering mortgage lenders to educate borrowers with interactive home loan presentations. SaaS executive Richard Harris has been appointed CEO. Sales Boomerang...

Mid America offers eNotes to non-delegated correspondents

Mid America Mortgage, Inc. will offer eNotes capabilities via its wholesale channel to enable non-delegated correspondents to operate more efficiently and competitively as they make the transition from mortgage broker to banker, the company announced.  Through...

RiskSpan enhances Edge Platform

Data and analytics firm RiskSpan announced new enhancements to its Edge Platform.  Burnout metrics offers MBS traders and investors access to a proprietary, cumulative burnout metric that quantifies the extent to which a defined pool of mortgages has...

CME Group to offer 30-year UMBS TBA futures contracts

CME Group, a derivatives marketplace, announced it will expand its suite of long-term interest rate products to offer a 30-Year Uniform Mortgage-Backed Securities (UMBS) TBA futures contracts on October 3, pending regulatory review. "Our new 30-Year UMBS TBA...

Vesta, LodeStar integrate to provide automated closing costs

Loan origination system developer Vesta announced an integration with LodeStar Software Solutions, a national provider of closing fee-related compliance tools for mortgage lenders. The new integration, which takes advantage of Vesta’s first-class open APIs,...

Lender Price enhances Broker Marketplace platform

Technology provider Lender Price announced the release of Marketplace 2.0, a major enhancement to their Broker Marketplace platform, one of the largest communities of wholesale brokers in the mortgage industry. Created to match lenders with mortgage brokers looking to...

Lower.com launches cash offer program

Fintech Lower.com launched its new cash offer program, MortgagePass, designed to help customers make cash offers while continuing to work with their preferred real estate professional.  “All too often, customers are forced to unhook from their agents or pay an...

OpenClose integrates DataVerify DRIVE

Mortgage software solution fintech OpenClose® announced that it has integrated its LenderAssist™ loan origination system with the DataVerify® DRIVE® platform to seamlessly validate borrower-provided data. LenderAssist users can initiate a...

Next Moves

Loralynne Ball joins Keller Mortgage

Loralynne Ball has been named Head of National Retail Sales for Keller Mortgage. Prior to Keller Mortgage she worked for VanDyk Mortgage Corporation for 12 years, most recently as Sr. Vice President of National Sales. Loralynne is an industry veteran with over 30...

Carissa Orozco joins Stavvy as strategic account director

Carissa Orozco has been appointed strategic account director at fintech provider Stavvy. Before joining the company, Orozco was director of strategic partnerships at ReverseVision. Orozco's mortgage career spans over 15 years. During that time, she has held roles with...

Stephanie McInturff joins Stronghill Capital

Stephanie McInturff has been appointed SVP of mortgage operations and technology at Stronghill Capital. Before joining the company she was SVP of operations at Wesley Mortgage. McInturff has been in the mortgage industry for over two decades. During that time she has...

Shannon Santos named EVP at Data Solutions by Informative Research

Shannon Santos has been appointed executive vice president at Data Solutions by Informative Research. She was previously senior vice president of business development. Santos joined Informative Research in 2006 as vice president of national accounts. Data Solutions by...

Shelby Hall joins Kind Lending as marketing specialist

Shelby Hall has been named marketing specialist at Kind Lending. She was previously marketing specialist at Fairway Wholesale Lending. Before joining the mortgage industry, Hall worked for cloud email security solutions provider Zix.

Jennia Taylor joins Citi as AVP, DEI/ESG communications manager

Jennia Taylor has been appointed AVP, DEI/ESG communications manager at Citi. Before joining Citi, Taylor was senior communications associate at JPMorgan Chase. Taylor joined JPMorgan Chase as consumer bank direct and digital marketing execution analyst in 2018 after...

Marianne Kozak joins FGMC

Marianne Kozak has been appointed EVP - head of TPO production (wholesale and correspondent) at First Guaranty Mortgage Corporation (FGMC). Kozak is an industry veteran with decades of mortgage industry experience. Before joining FGMC, she was vice president -...

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