Mortgage brokers

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.