The Consumer Financial Protection Bureau warns of reputational and legal risks of relying on “deficient chatbots” as the primary mode of interacting with customers. Continue reading
After selling off originations businesses and laying off thousands, Home Point will sell $84 billion in mortgage servicing rights for $324 million in cash. Continue reading
The loan servicer spends “several hundred million dollars a year” on call center operations and expects $50 million in annual savings at the outset of a ‘multiyear’ artificial intelligence project. Continue reading
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
Mr. Cooper, which had 8,200 employees at the end of last year, laid off 250 workers from its lending business during the first quarter and announced another 420 layoffs in June. Continue reading
While growing loan servicing business remains profitable, according to Q3 earnings, paper gains on servicing rights could evaporate if interest rates fall and borrowers refinance out of portfolio. Continue reading
The lender plans to boost revenue by growing purchase loan business and loan servicing portfolio, with digital HELOC also in the works, according to a second-quarter earnings call. Continue reading
The Arkansas-based lender will use Sagent’s servicing solutions to collect monthly payments from borrowers and manage loans when homeowners get behind on their payments. Continue reading
Investors warned of “break even” second quarter as rising mortgage rates put a bigger-than-expected dent in loan originations. Continue reading
Citing impact of rising rates on mortgage originations, Mr. Cooper laid off 250 workers during the first quarter, with more reductions in store. Continue reading