Mortgage brokers

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.

Nonbank brokers and lenders typically scale back after the spring homebuying season and the housing market could be particularly slow for the rest of this year.

The May uptick in nonbank housing-finance payrolls came almost entirely from lender hiring as loan broker numbers plateaued and construction demand persisted.

The GOP has launched multiple proposals with this aim and a trade group is specifically backing an expansive one from Rep. Warren Davidson, R.-Ohio.

Those thinking about entering this space should consider whether they can build a sustainable operation in scale, niche or relationship lending, a report by Stratmor Group argues.

The President of the National Association of Mortgage Brokers, Ernest Jones Jr., explains how consolidation in wholesale has impacted those he represents.