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WaFd Bank exits home mortgage lending, says model is ‘unsustainable’

Housing Wire

Seattle-based WaFd Bank , which has offered home loans for more than 100 years, announced Thursday in an earnings report that it will exit the single-family mortgage lending business. That is bad news for banks like WaFd Bank, because it has made the business of originating mortgages for our portfolio unsustainable.

Lending 388
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Flagstar Bank lays off 700, with 1,200 more to depart after asset sale to Mr. Cooper

Housing Wire

New York Community Bancorp (NYCB) this week announced that it rebranded to Flagstar Bank , laid off 700 employees and anticipated the transition of another 1,200 to Mr. Cooper Group as part of the sale of its third-party origination (TPO) business and mortgage servicing rights (MSRs). In many cases, roles were similar or duplicative.

Banks 430
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CFO optimism falls as tariffs, trade policy remain uncertain

Housing Wire

That’s according to the CFO Survey, a collaboration between Duke Universitys Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta. in Q1 2025, which the Fed banks said nearly erases the gains from a post-election jump. The CFO Survey was fielded from Feb. 18 to March 7. in Q4 2024 to 62.1

Banks 364
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nCino cuts 7% of workforce as it talks up AI opportunities

Housing Wire

Banking and mortgage technology company nCino made a large reduction in force (RIF) ahead of its quarterly earnings call on Wednesday. ” nCino, based in North Carolina, makes a cloud-based banking system that is used for commercial banking and mortgage, including a popular loan origination system. .

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Mortgage subservicing is having a makeover moment

Housing Wire

Mark DeVries, senior research analyst at Deutsche Bank , said some larger mortgage companies remain somewhat skeptical of the value of buying a big servicing book, paying a lot of money for leads that you could generate organically, without having to pay a big premium. Indeed, the total residential subservicing market declined to $3.96

Mortgages 424
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Australia, New Zealand-based reverse pros share insights

Housing Wire

HousingWire s Reverse Mortgage Daily (RMD) had a chance to meet up with Medina Cicak, Heartland Bank s chief commercial officer in Australia , and Keira Billot, the New Zealand -based general manager of retail and reverse mortgages. Occasionally, U.S.-based Why make the trip? the pair said. they explained.

Banks 293
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Gradient Mortgage Capital launches to serve DSCR clientele

Housing Wire

Florida-based Gradient Mortgage Capital , a wholesale mortgage banking platform, launched Monday with the intent to serve mortgage bankers and brokers across the country with debt-service-coverage ratio ( DSCR ) and small-balance commercial real estate loans. Banker and broker yield spread premiums are offered too. ” .

Mortgages 290