Mortgage companies added 3,000 full-time employees to their payrolls in February after laying off 16,400 workers over the previous three months.The U.S. Bureau of Labor Statistics reported that employment in the mortgage banking/broker sector rose from 488,300 in January to 491,300 in February. Considering the meltdown in the subprime sector, the sudden hiring may be explained by increasing demands on servicers to deal with rising delinquencies and foreclosures. The subprime default rate hit 10.52% in January, up 40 basis points in one month, according to a recent report by the investment banking firm Friedman, Billings, Ramsey & Co. Defaults on alternative-A loans rose to 1.86% in January, up 20 bps in one month.
-
Malhotra joins the home finance giant after previously helping launch platforms to provide generative AI enterprise solutions and founding a technology research lab at the global multinational firm.
4h ago -
The reverse-mortgage lender saw a quarterly loss but expects originations to increase 10% in the second quarter, as it attempts to address high-yield debt concerns.
4h ago -
Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
8h ago -
Mike Kortas, CEO of NEXA, alleges he fired his former co-owner, Mat Grella, because he added himself as a "new manager" of the company in a filed amendment to the company's articles of organization.
10h ago -
Price growth is decelerating but still driving historic home equity gains for owners and widening the gap between the haves and have-nots in housing, ICE finds.
May 6 -
Ex-CEO Michael Strauss used the lender's bank various accounts to pay for his own expenses, a trustee for the failed lender claims.
May 6