People

Atlantic Bay Mortgage Group has agreed to buy a majority stake in Virginia Community Bank in a rare instance of a nondepository mortgage company buying a bank, rather than the reverse.

A regulatory plan to create new restrictions on banks’ executive compensation practices appears dead — but changes since the financial crisis may have made the proposal largely obsolete anyway.

Mortgage industry hiring and new job appointments for the week ending July 21.

Former Ginnie Mae President Ted Tozer is joining the board of directors at PennyMac Financial Services starting Aug. 1.

Colony American Finance has been rebranded as Corvest American Lender in the wake of equity and asset acquisitions by funds affiliated with Fortress Investment Group.

Former EverBank Chairman and CEO Rob Clements now has those same positions at LenderLive Holdings, a Denver-based provider of outsourced mortgage services.

Nearly 10% of Walter Investment Management Corp.'s employees will lose their jobs after it closes Ditech's Irving, Texas, office, a notice filed with the Texas Workforce Commission said.

Total bonuses paid to assistants, processors, closers and managers have been rising as lender retention and merger activity have heated up.

Walter Investment Management Corp. will close its Ditech subsidiary's Irving, Texas, office by the end of 2017, according to an internal memo. It's the first step in an effort to ultimately reduce Walter's physical footprint from 13 offices to as few as four.

Mortgage industry hiring and new job appointments for the week ending July 14.