Wholesale lenders

Despite a 1Q decline in origination volume, Chairman Mat Ishbia is optimistic for the second quarter, saying the company received 17,000 more submissions in April's higher interest rate environment than it had in February.

While the product was hard to find after the start of the pandemic, the Consumer Financial Protection Bureau’s recent changes to Appendix Q are giving a pair of large wholesalers the chance to offer it as a qualified mortgage.

The company is shifting some of its conforming-focused call center resources not just into the growing non-QM channel but to Veterans Affairs products as well.

The company, like many publicly-traded nonbanks, is looking for ways to address the downward pressure that a battle between two large competitors is putting on the wholesale channel’s profitability.

The company touted its investments in the wholesale channel while also reporting a slight quarterly drop in overall originations and gains on sale during an earnings call this week.

Fluctuating rules are redirecting some government-related loans to a disparate private market.

The company aims to use the additional capacity to get its non-qualified mortgage business back to producing $125 million per month, and anticipates more purchases of mortgage servicing rights, representatives said in its Q1 earnings call.

This is the first deal that serial acquirer FOA has announced since it went public on April 5.

The suit, filed in the U.S. District Court for the Middle District of Florida, seeks class action status.

Building timelines are finally stable enough for nonbank American Financial Resources to return to the conventional market following the pandemic-related disruption, according to a company executive.

But UWM says the provision is designed to protect against a broker double-locking the loan and is used by other lenders.

The acquired platform, while remaining stand-alone, will have integrations with Black Knight's Empower loan origination system for mortgage lenders.

United Wholesale Mortgage's new rule, which forbids brokers from doing deals with two competitors, has brought extra attention to its smaller rival.

The company posted an $88 million loss for 2020 after shutting down for nearly the entire second quarter.

Mortgage brokers are telling the company that they "are looking for another large source," according to President and CEO Willie Newman.

Finance of America Reverse's product combines features of a forward mortgage, like 10 years of payments, with parts of a non-recourse reverse loan.

Rocket Pro TPO EVP Austin Niemiec calls this the start of the slippery slope, but UWM's Mat Ishbia responds he isn't being aggressive

And there are some brawls on the field affecting the direction of business for the rest of this year.

But the move could have legal repercussions from a competitive standpoint.

The expansion of borrower data collected in the new URLA upends an industry standard and lenders are experiencing some growing pains.