National Mortgage News, Aug. 3, 2022–Brad Finkelstein (subscription)Freedom Mortgage has moved on from RoundPoint Mortgage Servicing Corp. barely two years after it closed on the acquisition. Matrix Financial Services, a …
Category: Top National News
New American Funding Eliminates Hundreds of Jobs
HousingWire, Aug. 3, 2022–Connie KimThe most recent layoff came on Tuesday when the California-based lender eliminated several hundred positions, including loan officers, mortgage underwriters, processors and training specialists. The firm …
Sprout Mortgage Sued for Reneging on Purchase Agreements
National Mortgage News, Aug. 3, 2022–Andrew Martinez (subscription)Originators burned by Sprout Mortgage’s shutdown last month are suing the company for allegedly reneging on agreements to purchase millions of dollars worth …
Connecting To Your Customers
National Mortgage Professional Magazine, Aug. 2022–Lew SichelmanAccording to Social Media Week, an endorsement by a famous actor or sports star can increase sales by about 4%. But companies must have …
PennyMac Financial Services’ Profit Sags But Beats Analyst Estimates
National Mortgage News, Aug. 3, 2022–Bonnie Sinnock (subscription)Servicing income, certain secondary market gains, layoffs and other cost-cutting did more to offset the impact of the marketwide originations slump at PennyMac …
Tide Turning In Favor Of Homebuyers As Seller Competition Increases
National Mortgage Professional, Aug. 3, 2022–Katie JensenHousing market activity continues to slow on the heels of economic uncertainty, according to the latest HouseCanary report. Today, HouseCanary released its latest Market …
Equifax Error Might Have Harmed (or Helped) Mortgage Applicants
The Real Deal (New York), Aug. 3, 2022At one bank, an estimated 18 percent of applicants during the period had incorrect scores sent for them, reportedly swinging scores by an …
Mortgage Applications Inch Up for the First Time in Five Weeks
CNBC, Aug. 3, 2022–Lisa RizzoloApplications to refinance a home rose 2%, according to the Mortgage Bankers Association, but the annual drop was still huge, down 82% since last year.https://www.cnbc.com/2022/08/03/mortgage-applications-inch-up-for-the-first-time-in-five-weeks.html
Mortgage Earnings Decline by 39% at Publicly Traded Banks
Inside Mortgage Finance, Aug. 3, 2022–Brandon IveyA wide cross-section of banks involved in the residential mortgage market saw mortgage-related earnings fall in the second quarter of 2022.https://www.insidemortgagefinance.com/articles/225307-survey-shows-mortgage-earnings-down-385?v=preview
FoA Cuts Workforce Amid Comany Restructuring, Market Downturn
HousingWire, Aug. 2, 2022–Flávia Furlan NunesMultichannel lender Finance of America laid off hundreds of employees across several rounds in the second and third quarters of 2022. The layoffs come amid …