Corporate governance

Altisource Portfolio Solutions plans to discontinue its buy-renovate-lease-sell business for single-family homes and sell its short-term inventory in order to cut costs and repay debt.

Challenges will likely increase as interest rates rise and investors grow more concerned about a downward turn in the economic cycle.

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.

Mutual of Omaha Bank company Synergy One Lending is preparing to acquire certain assets of BBMC Mortgage, a national mortgage company and division of Bridgeview Bank, which will expand its Midwest footprint and improve its strategic direction.

The company is facing criticism after a big chargeoff on two properties, showing that investors have little patience when a risky business model shows signs of distress.

The uproar over the incendiary writings of a Consumer Financial Protection Bureau official have led to calls for his removal, but the agency’s interim chief says he won’t “let any outside group dictate who works here.”

First Foundation sold loans to Freddie Mac to free up space for higher-yielding credits. It then bought the securities that were formed to replace other, lower-yielding assets through an often overlooked program.

Bemortgage, currently a division of Chicago's Bridgeview Bank formed last November by a former Guaranteed Rate executive, will become a part of CrossCountry Mortgage.

As the House Financial Services Committee prepares to hold a hearing Thursday on oversight of the Federal Housing Finance Agency, the exact focus of the hearing remains somewhat in flux.

The cuts are part of a broader effort to trim expenses by roughly $3 billion a year by 2020.