For the second time in recent weeks, an originator has come to the Mortgage Grapevine seeking a stated income loan. Poster Vinnie the Leg Breaker has a client who is a doctor, but has some “really ugly tax returns.”
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Employers hired an additional 115,000 workers in April, while unemployment remained unchanged at 4.3%. Despite the positive headline figure, a spike in newly unemployed workers and a rising number of underemployed workers suggests instability under the surface.
These originators had the highest combined volume of Federal Housing Administration, Veterans Affairs and U.S. Department of Agriculture mortgages last year.
Rocket Cos. fell just $200 million short of United Wholesale Mortgage in Q1, as servicing recapture from its massive MSR portfolio fueled $44.7B in closed loan volume.
The buyer will add around 800,000 loans to its hefty servicing portfolio, while Valon said it will shift away from servicing to focus on technology.
The new law, which will mandate the Bureau of Indian Affairs to approve or deny loan applications within 30 days, passed with wide bipartisan support.
The real estate technology company reduced its workforce and consolidated select vendor relationships. These moves will save the company roughly $2 million.
