Mortgage brokers

The president of the National Association of Mortgage Brokers shares her outlook for the trigger lead bill, secondary-market refinancing restrictions and more.

The new threshold comes months ahead of the Federal Housing Finance Agency's formal announcement.

The lender claims it's been the first player in the industry to raise the threshold for three years in a row.

Realpha, which currently does business in 20 Florida counties using its AI agent, is buying Be My Neighbor, a mortgage broker active in 26 states.

The scam involves unlicensed lenders offering phony warehouse lines of credit that have led to monetary losses in the thousands and the compromise of confidential borrower information.

Sluggish gain-on-sale margins however were the result of competitive pricing in the market, the company said.

United Wholesale Mortgage has introduced a product dubbed Govy125, a 125 basis points incentive on any note rate for VA IRRRLS and non-credit qualifying FHA streamlines.

Out of the 275 basis points received on a loan, NEXA says 220 will go to its LOs and 55 will go to an expense account. To stay in the program, you must recruit at least one loan officer to join the company.

Michael Saleh, former senior vice president at Rocket, opened up Zoom Home Lending in early June.

The Federal Housing Administration floated a mortgagee letter that increases a funding entity's responsibility for the actions of correspondents or brokers.

In a message to broker partners, UWM defended its business practices and claimed one of the contributors to the piece worked at a Rocket Mortgage affiliated brokerage for the last five years.

Job numbers for brokers have held up better than lenders, but both segments will be challenged by broader employment strength that makes rate cuts less likely.

In the midst of a separation between Mike Kortas and Mat Grella, the company's CEO sets course to double headcount.

The wholesale lender wants its logo removed from the Facebook page and for Ramon Walker, the creator of the page and owner of Client Direct Mortgage, to pay over $100,000 in outstanding EPO.

Originators have questioned the new CEO's use of trigger leads in his own business.

The wholesale giant touts the move as giving brokers a leg up on banks and retail lenders waiting for the next origination wave.

Over 70 loans were allegedly sent to competitors by the independent mortgage banker, a suit filed by UWM alleges.

Trigger leads may take a back seat to other priorities near term but growing support in both chambers for these types of bills suggests the issue has momentum.

The financial services firm boosted a private placement by $100 million on Wednesday and introduced a new product for third-party originators earlier this week.

The broader economy added 150,000 positions, a number the bond market initially read as likely to soften rates, but some economists interpreted differently.