Nonbank

New investor appetite for mortgages over $1 million is motivating more nonbank lenders to offer super jumbo loans, often with weaker credit terms than traditional banks.

Atlantic Bay Mortgage Group and Virginia Community Bank have agreed to back out of a merger that would have been a rare instance of a nondepository lender acquiring a depository institution.

Employment by nondepository mortgage companies in June increased for the third consecutive month as seasonal hiring continued even though home resales inched down another notch.

Nonbank mortgage-backed securities servicers increase their exposure to agency loans as the housing market distances itself from last decade's crash, according to Fitch Ratings.

Servicers and MSR investors face increased regulation and oversight as nearly all states now require some form of licensing for firms responsible for mortgage collections.

The high cost of preparing for both CFPB and state exams has a disproportionate impact on small independent mortgage banks that don't have the compliance economies of scale of larger lenders.

United Wholesale Mortgage has set out to be an ally to mortgage brokers in unprecedented ways as CEO Mat Ishbia works to evolve the channel's transactional nature into a more relationship-driven dynamic.

When big banks bailed on brokers during the housing crisis, United Wholesale Mortgage doubled down. As third-party originations now make a comeback, the family-owned company is determined to chip away at retail lenders' dominance.

Greater consumer access to credit could help mortgage bankers replenish originations eroded by higher rates, but they are reluctant to depart from the status quo to provide it.

Despite recent industry consolidation, demand from seasonal homebuyers spurred hiring among nonbank mortgage companies for the second consecutive month in May.

The number of nonbank lenders and servicers that did not comply with the California Residential Mortgage Lending Act Annual Report requirements grew this year, prompting a reprimand and warning of penalties from the commissioner of the state's Department of Business Oversight.

The shareholders of Nationstar Mortgage Holdings and WMIH Corp. each voted to approve a $1.9 billion acquisition plan that will see the parent company of nonbank lender and servicer Mr. Cooper combine with the successor to S&L and subprime mortgage lender Washington Mutual.

Greg Englesbe resigned as CEO of New Jersey lender E Mortgage Management after a jury awarded $3 million to a woman who accused Englesbe of injuring her when he grabbed and forcibly kissed her at a Philadelphia restaurant.

Declining mortgage origination volume and record-high costs drove production income for independent mortgage bankers into negative territory, according to the Mortgage Bankers Association.

Seasonal hiring gave employment among nonbank mortgage lenders and brokers a boost in April and partially reversed an earlier decline despite growing signs of consolidation in the industry.

Citizens Bank's $511 million acquisition of Franklin American Mortgage will beef up the bank's servicing portfolio and diversify its origination business at a time when higher interest rates have put a damper on refinance volume.

Originations and margins are thinning, and there will be mortgage banking firms that don't make it through this year, but after that, the numbers may look better.

Nationstar Mortgage has agreed to refund or reverse more than $1 million in inspection fees, settling allegations by Maryland officials it illegally charged homeowners.

Nationstar Mortgage may face a Consumer Financial Protection Bureau enforcement action over alleged violations of the Real Estate Settlement Act and other regulations, the Mr. Cooper parent company said.

Freddie Mac has quietly started extending credit to nonbanks that issue mortgages, a move it says will help the companies maintain access to a crucial stockpile of cash if their home loans go sour.