Nonbank mortgage jobs show slight increase with first rise in 12 months
In April, the Bureau of Labor Statistics reported that nondepository payrolls in the housing finance industry stopped falling and increased slightly from the previous month, reports National Mortgage News. This uptick, albeit tiny, ends 12...
EXEC SPOTLIGHT
Who’s NEXT? Get to know some of the executives in the NEXT community.
Domestic migration mirrors pandemic; boomers overtake millennials in homebuying market share
Austin remains as the most popular city for net inflows of population, with a total of +5% increase in 2020-2021 and +1.5% increase over the past four quarters. Home prices are weakening rapidly despite increasing populations in cities like Austin…
loanDepot makes major changes to exec team
The company’s changes include the departure of four executives, including Zeenat Sidi, the head of its LDI Digital business. Sidi is being consolidated out of her position as LDI Digital moves under the control of LDI Mortgage President Jeff Walsh…
PAVE takes new actions to tackle appraisal bias
The actions will prevent bias in home valuation algorithms, help consumers fight appraisal bias, remove barriers to entering the appraisal profession, and increase transparency. They include…
Former underwriters sue UWM for sexual harassment & retaliation
Kassandra and Jackson Memmer were hired as conventional mortgage underwriters in late 2019. Jackson is a transgender man. He says he was fired over an investigation that happened while he was on paternity leave. Kassandra said she had to quit…
ESSA Bank to pay $3M to settle redlining suit
The lawsuit was filed in federal court. It claims that from at least 2017 to 2021, the lender “failed to provide mortgage lending services and did not serve the credit needs of majority-Black and Hispanic neighborhoods” in the Philadelphia area…
Mortgage rates increase
As of June 1, 2023, the average interest rate for a 30-year fixed-rate mortgage was 6.79%, up from 6.57% last week. A year ago, the average rate was 5.09%…
Nationwide, mortgage lending activity plunges to lowest point in 20+ years
In Q1 20023, just 1.25 million mortgages secured by residential property were originated, according to new data. This marks the eighth straight quarterly decrease…
Planet Home acquires assets of Platinum Home Mortgage
Planet Home Lending has acquired the assets of Platinum Home Mortgage Corporation. This will expand its presence in Western markets by adding production personnel and a network of 20 retail offices…
Mortgage application volume falls
Mortgage loan application volume decreased by 3.7% on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association’s data for the week ending May 26, 2023…
CFPB fines OneMain Financial $20M; lender’s 2nd multi-million dollar penalty in 1 week
The Consumer Financial Protection Bureau has ordered OneMain Financial to pay $20 million. The CFPB said the lender pushed its employees to meet sales targets for certain products, and made it difficult for customers to remove them…
JPMorgan Chase lays off 1,000 First Republic staff
JPMorgan Chase & Co. has notified about 1,000 staff of its recently acquired First Republic Bank that they will be let go. A person familiar with the matter told Reuters that nearly 85% of First Republic’s approximately 7,000 employees…
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Nonbank mortgage jobs show slight increase with first rise in 12 months
In April, the Bureau of Labor Statistics reported that nondepository payrolls in the housing finance industry stopped falling and increased slightly from the previous month, reports National Mortgage News. This uptick, albeit tiny, ends 12...
Domestic migration mirrors pandemic; boomers overtake millennials in homebuying market share
Austin remains as the most popular city for net inflows of population, with a total of +5% increase in 2020-2021 and +1.5% increase over the past four quarters. Home prices are weakening rapidly despite increasing populations in cities like Austin…
loanDepot makes major changes to exec team
The company’s changes include the departure of four executives, including Zeenat Sidi, the head of its LDI Digital business. Sidi is being consolidated out of her position as LDI Digital moves under the control of LDI Mortgage President Jeff Walsh…
PAVE takes new actions to tackle appraisal bias
The actions will prevent bias in home valuation algorithms, help consumers fight appraisal bias, remove barriers to entering the appraisal profession, and increase transparency. They include…
Former underwriters sue UWM for sexual harassment & retaliation
Kassandra and Jackson Memmer were hired as conventional mortgage underwriters in late 2019. Jackson is a transgender man. He says he was fired over an investigation that happened while he was on paternity leave. Kassandra said she had to quit…
ESSA Bank to pay $3M to settle redlining suit
The lawsuit was filed in federal court. It claims that from at least 2017 to 2021, the lender “failed to provide mortgage lending services and did not serve the credit needs of majority-Black and Hispanic neighborhoods” in the Philadelphia area…
Mortgage rates increase
As of June 1, 2023, the average interest rate for a 30-year fixed-rate mortgage was 6.79%, up from 6.57% last week. A year ago, the average rate was 5.09%…
Nationwide, mortgage lending activity plunges to lowest point in 20+ years
In Q1 20023, just 1.25 million mortgages secured by residential property were originated, according to new data. This marks the eighth straight quarterly decrease…
Planet Home acquires assets of Platinum Home Mortgage
Planet Home Lending has acquired the assets of Platinum Home Mortgage Corporation. This will expand its presence in Western markets by adding production personnel and a network of 20 retail offices…
Mortgage application volume falls
Mortgage loan application volume decreased by 3.7% on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association’s data for the week ending May 26, 2023…
CFPB fines OneMain Financial $20M; lender’s 2nd multi-million dollar penalty in 1 week
The Consumer Financial Protection Bureau has ordered OneMain Financial to pay $20 million. The CFPB said the lender pushed its employees to meet sales targets for certain products, and made it difficult for customers to remove them…
JPMorgan Chase lays off 1,000 First Republic staff
JPMorgan Chase & Co. has notified about 1,000 staff of its recently acquired First Republic Bank that they will be let go. A person familiar with the matter told Reuters that nearly 85% of First Republic’s approximately 7,000 employees…
