Icon Residential, a nonbank that is still actively funding residential loans using brokers, recently lost two wholesale account executives in the New York/New Jersey area to Chase, the mortgage arm of JPMorgan Chase. We're told these AEs will be working as retail loan officers. Meanwhile, Icon -- which doesn't reveal much about itself on its corporate website -- is looking to hire an internal compliance auditor in Irvine, Calif. And it's also seeking wholesale account executives nationwide. According to the Quarterly Data Report, wholesale lending as a percentage of all loans funded, increased slightly in the fourth quarter from the third but is still bumping along the bottom...
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Record lending drove a top-line gain on the year but one-time costs from reverse mortgage servicing sales as negative fair value changes hurt the bottom line.
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As generative and agentic AI gain traction, the possibility of model drift grows, with consequences ranging from poor loan decisions to reputational hits.
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The bill, which is meant to free up housing supply locked in by high mortgage rates, does not include assumable mortgages which stick with the property.
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The lender disclosed a big investment, plus hefty, albeit declining, origination volume but revealed a major hedge-related net loss it blamed on the failed bid.
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The online lender said its national bank will become the "primary originator," displacing the banks that are lenders of record. Loan buyers keep their role.
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Supporters of mutual banks are lining up behind a proposed regulatory overhaul. The Fed's plan would make it easier for depositor-owned banks to raise capital.
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