Tag Archives: correspondent lending

Wells Fargo exiting correspondent mortgage lending business

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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 →

Finance of America exiting wholesale, correspondent lending

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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

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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

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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

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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

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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 →