The chief executive, the chief operating officer, and the head of human resources have left the Lehman Brothers-owned Finance America, a top-20-ranked subprime lender, MortgageWire has learned.Three sources close to the company confirmed the departures. Two wholesale account executives were also let go, a source confirmed. However, Lehman Brothers declined to comment on the record or to identify the fired executives. The Lehman unit, which table-funds most of its production through loan brokers, employs about 1,000 in 48 states. Besides FA, Lehman controls two other mortgage companies: Aurora Loan Services of Colorado, and BNC Mortgage, Irvine, Calif.
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Credit risk transfers, a means by which banks can move risk off their balance sheets, earned considerable bipartisan support in a House Financial Services subcommittee hearing Wednesday.
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The addition of HELOCs at SoFi comes alongside the launch of a new advisory group, as the company heightens its focus on real estate lending.
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The enterprises also still plan to add FICO 10T but the release of the historical data stakeholders in their market can use to assess it has taken longer.
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Builder mortgage units saw Q1 profit slides (NVR down 17%) despite an 11% rise in new home loan applications. Overall homebuilder net income dropped, and sales incentives remain high.
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Toll Brothers' purchase of Buffington Homes of Arkansas will extend its national outreach with a strong presence in northwest Arkansas, the company said.
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Treasury Secretary Scott Bessent on Wednesday defended cuts to the Community Development Financial Institution Fund in the president's 2027 budget, telling the Senate Appropriations Committee that the program had pursued a "partisan wish list."
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