California-based mortgage brokerage Loan Factory was sued by a class of loan originators, who allege that the company used their personal and professional information, without their authorization, on its website in an attempt to drive business. Loan officer Derek Daniel Bobadilla and the class members represented by Johnson & Johnson LLP claimed that they have […]
In a fiercely competitive market, mortgage originators need to rethink everything to gain market share and become savvy. From leveraging the latest in artificial intelligence (AI) and digital marketing to mastering financial literacy, mortgage and real estate professionals have come together to provide these skills to loan officers in a new book titled, “Rethink Everything: […]
Top 10 mortgage lender and servicer Newrez is partnering with Newzip, a tech-enabled real estate platform, to roll out a program aimed to save buyers and sellers on credit costs. Dubbed Newrez Home Rewards, buyers will be matched with a real estate agent who works with Newzip and provided booking services. They will also be […]
Mortgage technology firm Xactus named Michael Crockett as its chief operating officer. He previously served as the company’s chief data officer. In his expanded role, Crockett will guide day-to-day operations and key departments at Xactus, including credit, verifications and tenant screening. Crockett will also evaluate internal and external customer experiences, with a focus on enhancing […]
Top 10 mortgage lender and servicer Newrez sued one of its former executives over multiple allegations, including breach of contract, disclosure of confidential information and unfair competition tied to soliciting several Newrez executives to join a competing lender. OneTrust Home Loans, a direct competitor of Newrez’s retail mortgage business, conspired with James Hecht, former Newrez […]
The gap between Black and white renter families that could afford a mortgage narrowed significantly during the COVID-19 pandemic, according to a Zillow report released Friday. About 7.8% of Black renter families earned enough income in 2022 to afford a mortgage with a 3% down payment, compared to 12.5% of white families that year — […]
Rocket Companies, the parent of Rocket Mortgage, lost money in 2023, but executives have expressed confidence about a big turnaround by touting investment in artificial intelligence (AI) to accelerate the company’s profitability. Despite reporting a GAAP net loss of $390 million in 2023, investors seem to be sold on the company’s path towards Rocket’s “AI-fueled […]
The year 2024 has started with cautious optimism that mortgage rates will drop, sparking much-needed activity in the sluggish U.S. housing market. Mortgage rates, however, have been on a rising trend of late. Recent data shows that the economy is booming, while the Federal Reserve is signaling that it will take its time before cutting […]
Rocket Companies, the parent of Rocket Mortgage, wasn’t immune to the headwinds the industry is facing as it reported a GAAP net loss of $390 million in 2023 and an adjusted net loss of $143 million. Yet the company still captured market share, a testament to how poor the mortgage business has been over the […]
Fintech FundingShield will provide comprehensive title fraud solutions via an advanced programming interface (API) integration to CoreLogic‘s digital mortgage platform. The partnership comes amid wire and title fraud risk reaching an all-time high in fourth-quarter 2023. About 52% of transactions had issues that led to a risk of wire and title fraud, according to FundingShield. […]
Hispanic household wealth ballooned to $63,400 in 2022, growing more rapidly than any other demographic group in the country, according to a recent report published by Hispanic Wealth Project, a nonprofit established by the National Association of Hispanic Real Estate Professionals (NAHREP). While other racial and ethnic demographics have seen an increase in household wealth […]
Artificial intelligence (AI) startup Brand Engagement Network (BEN) onboarded industry veteran Chris Heller as an adviser to its board of directors. Heller’s addition to the board comes at a time when BEN prepares to go public through a merger with DHC Acquisition Corp. — a special purpose acquisition company (SPAC) focused on technology — in […]
North Carolina-based mortgage lender Premier Lending Inc. has adopted the FICO Score 10 T credit-scoring model for its nonconforming loan originations and whole loan acquisitions. Premier Lending is adopting FICO’s updated credit-scoring model “to continue to drive the company’s innovation strategy forward and help make more homeownership dreams a reality,” the company stated in a […]
Infamous ransomware gang AlphV/BlackCat claimed it was behind the January cyberattack at top 15 U.S. mortgage lender loanDepot. loanDepot, which originated about $17 billion in mortgages in the first three quarters of 2023, had reported that a cyberattack brought down the company’s systems earlier this year. The ransomware gang claimed it offered loanDepot $6 million […]
Cautious optimism is prevalent in the mortgage industry for 2024 as industry professionals anticipate the recovery of lost origination volume. To take advantage of the shifting market, two key areas that loan originators should be focusing on are “nurturing and cementing relationships with preapproved borrowers,” said Tim Braheem, founder and chief content creator of The […]
The nation’s top loan officer, Guaranteed Rate’s Shant Banosian, joined the board of directors at Healing Realty Trust, a healthcare-focused real estate investment company. Established in 2022, the real estate venture carved out a niche focusing on healthcare properties in the $1 million to $15 million price range – including those for behavioral, physical and […]
The combination of high home prices and insufficient savings for a down payment makes it challenging for first-time homebuyers to pull the trigger on a property purchase. But the good news is, more buyers have become aware of down payment assistance (DPA) options and are tapping into available resources for help, said Susanne Saller, a […]
The Community Home Lenders of America (CHLA) wants the three major credit bureaus — Equifax, Experian and TransUnion — to restore the pricing discounts that had been in place for soft credit pulls. At the end of 2023, each of the credit bureaus announced that they were ending pricing discounts for soft credit pulls. Lenders […]
New York-based mortgage lender Logan Finance Corp. named Sarah Gonzalez as its chief operating officer. Gonzalez will be in charge of planning and executing the lender’s objectives and initiatives, according to her LinkedIn profile. She brings more than 25 years of experience in the mortgage industry to her new position. Gonzalez’s most recent position was at […]
Mortgage tech firm TRAiNED Inc. hired two executives as it looks to take the company to its next phase of development. TRAiNED named Mark Cunningham, a co-founder of Sales Boomerang, as its new CEO. It also hired Arend De Jong, co-founder and former chief financial officer of Sales Boomerang, as CFO, the company announced. Cunningham […]
