Tag Archives: correspondent lending

Wells Fargo agrees to pay $1B to settle shareholder lawsuit

By Matt Carter | May 17, 2023 - 4:03 pm |May 17, 2023 Uncategorized

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Investors claimed they were misled about bank’s progress in fixing governance and oversight issues that came to light in wake of 2016 “fake accounts” scandal. Continue reading →

Homepoint selling wholesale business to The Loan Store

By Matt Carter | April 7, 2023 - 9:05 pm |April 7, 2023 Uncategorized

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Parent company Home Point Capital to take an equity stake in The Loan Store, with Homepoint executive Phil Shoemaker to be installed as CEO when the deal closes by the end of the second quarter. Continue reading →

Wells Fargo lays off hundreds more, including some top producers

By Matt Carter | February 24, 2023 - 8:58 pm |February 24, 2023 Uncategorized

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The bank says it has racked up $353 million in severance expenses as it closes branches and pursues a “more focused home lending business.” Continue reading →

Wells Fargo exiting correspondent mortgage lending business

By Matt Carter | January 11, 2023 - 2:06 pm |January 11, 2023 Uncategorized

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Executives hope to reduce risk by reducing the size and narrowing the focus of bank’s mortgage business to better serve retail customers and minority communities. Continue reading →

Rocket courts correspondent lenders with tech tools

By Matt Carter | October 19, 2022 - 9:04 pm |October 19, 2022 Uncategorized

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New branded client portal lets homebuyers apply for loans, review documents and e-sign disclosures and closing documents. Continue reading →

Finance of America exiting wholesale, correspondent lending

By Matt Carter | October 7, 2022 - 9:19 pm |October 7, 2022 Uncategorized

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The Irving, Texas-based lender is also reportedly in negotiations to sell its retail mortgage division, which employs about 1,000 loan originators nationwide. Continue reading →

Wells Fargo reportedly eyeing ‘major retreat’ from mortgage

By Matt Carter | August 15, 2022 - 8:13 pm |August 15, 2022 Uncategorized

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Executives said to be concerned about reputational risk of correspondent lending channel, which has historically accounted for as much as half of the bank’s home loan business. Continue reading →

Credit card revenues surpass mortgages at Wells Fargo in Q2

By Matt Carter | July 15, 2022 - 10:24 pm |July 15, 2022 Uncategorized

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Rising interest rates and a shrinking branch network are cutting into Wells Fargo’s mortgage business, and bank executives say they’re fine with that. Continue reading →

Pennymac lays off 236 workers after upping tech, marketing investments

By Matt Carter | March 29, 2022 - 10:20 pm |March 29, 2022 Uncategorized

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The layoffs come as Pennymac ups its investment in technology and marketing to help it do more business directly with consumers and mortgage brokers. Continue reading →

LoanDepot courts mortgage brokers with new closing capabilities

By Matt Carter | November 16, 2021 - 9:37 pm |November 16, 2021 Uncategorized

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LoanDepot, known largely for lending directly to consumers, is upping its game with mortgage brokers with improvements to its mello broker portal that the company says will speed loan closings. Continue reading →