Nonbank

Smaller companies that perform servicing are rapidly growing their loan portfolios — and not just in the default servicing space.

PHH Corp. plans to close a Buffalo, N.Y.-area office next year, which will result in the layoff of 80 employees, extending the staff reductions already taken in 2016.

While depository mortgage lenders should exercise some caution before welcoming trended data and alternative credit scoring into their process, they must become inclusive or face losing market share to newer industry players like SoFi.

The surge in mortgage rates since the November election is expected to offset the increase to lenders' short-term funding costs following the Federal Open Markets Committee's 25-basis-point increase to the federal funds rate.

Stanford Kurland will step down from his role as CEO of PennyMac Financial Services and its affiliate PennyMac Mortgage Investment Trust and assume the role of executive chairman of both as part of a broader executive reorganization.

Fairway Independent Mortgage Corp. is rolling out a new mobile application that allows consumers to apply for a loan, scan documents and get updates on their loan status through real-time push notifications.

A flood of fintech companies are promising to create a better experience for mortgage borrowers, forcing lenders to contemplate buying a vendor's software, building applications in-house — or even outright acquiring a company with digital expertise.

The Consumer Financial Protection Bureau on Wednesday filed consent orders against three reverse mortgage companies, accusing them of deceptive advertising and misrepresentations.

Loan volume and balances increased in the third quarter as costs stabilized, according to data from the Mortgage Bankers Association.

Employment in the nondepository mortgage lenders and brokers sector grew for the fifth straight month, according to the Bureau of Labor of Statistics.

The election results will only intensify factors making competition with bank lenders more difficult, including the effect of interest rates as well as the regulatory environment.

While nonbank servicers are expected to continue to gain greater market share in 2017, much of that growth will come from their own loan origination activity rather than mortgage servicing rights purchases and subservicing, according to a report from Fitch Ratings.

Walter Investment Management Corp. lost $101.8 million in the third quarter, driven by goodwill and intangible asset impairment charges of $60.8 million and noncash charges of $17 million.

Towd Point Master Funding, an affiliate of Cerberus Capital Management, was the winning bidder for two pools of reperforming mortgages with a balance of $789.2 million auctioned by Fannie Mae.

The California Department of Business Oversight imposed a fine on the Texas lender for violating restrictions on per-diem interest.

Hiring by independent mortgage firms accelerated in September after a slowdown in the prior month.

A new refinance mortgage offered by SoFi and Fannie Mae lets consumers tap into their home equity to pay down student loan debt at terms more favorable than a traditional cash-out refi.

Can some of the top names in mortgage lending outdo online lending startups in head-to-head competition? We're about to find out. Wells Fargo, Quicken Loans and SunTrust have all entered the digital lending business, putting early entrants on the defensive.

Courting borrowers with past bankruptcies might not cross most loan officers' minds as the best strategy for building business, but Guaranteed Rate's Danielle Young doesn't let borrowers' past blemishes intimidate her.

A market that some Ginnie Mae issuers tap to help finance their mortgage operations has a dwindling number of investors.