Movement Mortgage

Movement Mortgage purchased the two branches that comprise Huntsville, Ala.-based Platinum Mortgage's retail business just weeks after the latter company sold its wholesale division.

Movement Mortgage is purchasing the entire retail production division of Lennar's Eagle Home Mortgage subsidiary, although the homebuilder will still have a home finance business on its books.

Movement Mortgage, citing the continuing deterioration of the housing market, is eliminating approximately 180 back office positions on Oct. 5.

Movement Mortgage is laying off 100 employees nationwide as the lender founded by a former Carolina Panthers player braces for an industry slowdown.

Seasonal hiring gave employment among nonbank mortgage lenders and brokers a boost in April and partially reversed an earlier decline despite growing signs of consolidation in the industry.

Movement Mortgage quietly laid off employees at its Indian Land, S.C., headquarters late last week as well as other offices across the U.S.

From government grants to automating branch management tasks, lenders are using their knowledge of real estate, finance, and government incentives to maximize the resources they invest in facilities.

With compensation accounting for 80% of the cost to originate a mortgage, lenders are developing new strategies to attract and retain top talent, while keeping wage expenses in check.

Movement Mortgage will pay $1.1 million in penalties and customer refunds to settle charges by California regulators it serviced loans without a state license and for collecting unearned interest.

To close gaps in volume caused by inventory shortages and help consumers get over the homeownership hump, lenders are offering mortgage programs and features like low down payments, bridge loans for home sellers and student loan refinancing. (Part two in a four-part series on the mortgage industry's response to the housing inventory shortage.)