The real estate franchisor's stock price fell by $16.85 per share since the deal was announced in January, making it a less attractive currency.

The permanent staff reductions appear to be concentrated in originations, where pretax income has been lower and outpaced by earnings generated by the servicing division, in line with broader industry trends.

More than 500 employees will be affected by the acquisition, which includes rights related to 140,000 residential loans, but Community Loan Servicing will retain its name and commercial operations.

Current deputy general counsel Wendell Chambliss steps up to the newly created officer position, with the appointment coming after a similar recent hire by Fannie Mae.

The class action complaint comes after U.S. senators called on regulators to investigate the bank’s alleged treatment of minority homeowners.

Non-agency loan expert Bill Dallas will transition to serving as an advisor to the parent company’s CEO for the coming year.

The Soquel, California mortgage broker will retain its current branding for the time being.

Also, loanDepot promotes within its marketing division, BSI Financial aims to grow lending operations and NAREB appoints executive director.

Better’s Chief Executive Officer Vishal Garg said he will pay insurance expenses for a group of expectant parents who were caught up in its latest firing round.

The international consulting firm adds to its suite of mortgage compliance products, which includes eOriginal.

A “small number” of the more than 3,000 workers were affected by the snafu, the company said.

The lender is cutting approximately 3,000 employees in both the U.S. and India three months after its notorious December firing.

CEO Michael Isaacs is merging a nonbank lender acquired last year with stakes in real estate and insurance firms, and has an aggressive growth plan for servicing.

Panorama Mortgage Group and Hunt Mortgage also appoint COOs, SitusAMC adds to its title sales team and non-QM lender Sprout finds head of TPO business with internal promotion.

The Houston bank negotiated the agreement with the National Community Reinvestment Coalition after closing its merger with BancorpSouth. That deal created a lender with $50 billion of assets and operations in nine states.

Some businesses have closed lending channels or exited the market, while at least one has declared bankruptcy.

More company leaders have resigned as Better.com continues to pursue new executives in an attempt to fix its internal culture.

Democrats still want to move President Biden’s five Federal Reserve picks together through the full Senate. But the chamber’s rules will make that tough to accomplish unless Sarah Bloom Raskin can come to terms with GOP lawmakers opposed to her nomination.

The lender and servicer cited negative media coverage over two dozen times in a filing describing the fallout of CEO Vishal Garg’s mass layoffs in December.

Heidi Mason takes over as head attorney of the government-sponsored enterprise from Jerry Weiss, who had been in the position on an interim basis.