Robert Lewis, currently senior vice president of institutional lending sales, has assumed a new leadership role in wholesale lending as division manager for the Central Region at Wells Fargo Home Mortgage.Wells also has confirmed that it has hired David Stevens, previously a senior vice president at Freddie Mac, to lead the sales, institutional lending branch operations and client support functions in its wholesale business line. MortgageWire had learned on May 23 that Mr. Stevens had left Freddie for the post at Wells. Prior to joining Freddie Mac in 1998, Mr. Stevens was a group senior vice president and national loan manager at World Savings of Oakland, Calif. He is based at Wells Fargo's McLean, Va., wholesale office. Institutional lending works with mortgage brokers, bankers and mortgage companies to buy and close their mortgage loans.
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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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