John W. Stewart, a co-founder of Metrocities Mortgage LLC, Sherman Oaks, Calif., and former executive at Countrywide Home Loans, has been rehired by Metrocities as president of strategic initiatives.Mr. Stewart will work in collaboration with Metrocities' retail divisional presidents and senior executives in managing the company's national strategic business development plan, Metrocities said. Most recently a managing director of strategic business development at Countrywide, Mr. Stewart co-founded Metrocities in 1989 and helped form the company's Affiliated Business Arrangement joint venture program, Metrocities said.
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The change aims to address hurdles in the onboarding process, which many have cited as a point of friction in mortgage servicing.
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The latest postponement comes after a UWM filing states that Two Harbors shareholders are rejecting the deal, with 54% voting no as of June 12.
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Freedom alleged the executive, who was at the company for nine months, used proprietary data to build his own product he expected to net more than $1 million.
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Despite high rates and the "locked-in" effect, many Gen Z and millennial homeowners want to bring down their monthly mortgage payments
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The Senate passed a bipartisan housing package, which includes certain community bank provisions, in an 85-5 vote. The House is set to vote on the package Wednesday.
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Ralo uses artificial intelligence to automate the entire process, saving consumers money by cutting out commissioned loan officers, processors and underwriters.
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