Expense management

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

Altisource Portfolio Solutions cut its previous-quarter net loss by 49% in its most recent fiscal period, when property maintenance revenue and new Hubzu real estate auction site inventory increased.

Borrowers were more than twice as likely to use a lender they found online in 2018 as they were in 2017, making search engines the mortgage industry's top source of referrals.

The company will shutter the offices it inherited when it bought EverBank in 2017 and focus on lending to existing customers through digital channels. U.S. Bank will assume the leases on about 25 properties.

Altisource Portfolio Solutions plans to discontinue its buy-renovate-lease-sell business for single-family homes and sell its short-term inventory in order to cut costs and repay debt.

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.

The cuts are part of a broader effort to trim expenses by roughly $3 billion a year by 2020.

Banks could shed as much as 20 million square feet of office space over the next five years as they shift many functions to high-tech operations centers in markets with cheaper rents.

The Seattle company is firing 127 people, or a tenth of its mortgage staff, after enduring months of slow activity.

The Seattle company has faced criticism from an investor over its commitment to the business, which lost money in the first quarter.