Debra Denny, a net branch operator for True Compass Lending in Idaho, says she's looking to hire some of the loan officers who were recently laid off by Lend America of Long Island. Among other things, TCL is a mortgage banker that funds FHA loans, reverses, and SBA loans. The parent company is based in Oregon. I have not had time to conduct much due diligence on the company but Ms. Denny can be emailed at:
The lender posted another deep eight-figure loss in the second quarter, and will miss a breakeven goal later this year, interim CEO Daniel Lewis said.
Its success in a tough quarter was not just financial as it gained market share in both purchase and refinance volume to regain the No. 1 originator slot.
After shedding nearly 30% of its workforce in 2022, Envoy has leaned into a referral- and affiliate-based business model through strategic investments.
Rate movements changed market dynamics from early-year forecasts, contributing to risk signals in one out of every 119 applications, according to Cotality.
The company's affiliate has been issuing non QM deals that include a small percentage of second liens, some of which also involve alternative documentation.
The latest consumer conditions study from the American Financial Services Association paints a less-than-rosy picture of how lenders expect the second half of the year to play out.
