article thumbnail

Unlicensed mortgage broker defrauded wholesale lenders

Housing Wire

A 50-year-old former unlicensed mortgage broker from Long Island, New York, pleaded guilty Wednesday to defrauding clients and wholesale lenders out of $4.7 million in mortgage refinancing proceeds that were supposed to pay off existing client mortgages. Prior to working at mortgage brokerage Bliss Home Funding Corp.

Mortgages 374
article thumbnail

eXp and Kind plan mortgage JV by October

Housing Wire

The second big mortgage joint venture announcement this week is a meeting of the Glenns. Glenn Sanford’s eXp World Holdings announced Thursday a mortgage joint venture with Glenn Stearns’s Kind Lending , called Success Lending. The Mobile “Must-Haves” Reshaping Mortgage Technology. Presented by: SimpleNexus.

Mortgages 379
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Guaranteed Rate to acquire Stearns Lending

Housing Wire

It’s unclear what the deal values Stearns at, but the lender originated $20 billion in mortgages last year, according to Guaranteed Rate, which claims to have originated $73 billion in mortgages in 2020. Blackstone took full control of Stearns in fall 2019 after it exited bankruptcy due to significant debt problems.

Lending 536
article thumbnail

Most Brokerages Have Zero Counter-Cyclical Hedge

Notorious ROB

A friend of mine was a very successful real estate broker married to a very successful mortgage broker. The market was crazy hot, and both mortgages and home sales were going stratospheric. Mortgage was frozen. And over the past few years, brokerages have done very well with this ancillary-revenue based model.

article thumbnail

Redfin losses soar amid iBuying ramp up

Housing Wire

You can’t please all the people all of the time, but Redfin is a unique real estate brokerage , an instant homebuyer, a popular listings website, a platform for renters, a mortgage company, a title company, a concierge service, and a research service on the U.S. housing market. What does that all add up to?

article thumbnail

RESPA enforcement is back — are you ready?

Housing Wire

“I think folks tend to get creative and take a bit more risk than they might be willing to take in a market where rates are lower,” Holly Bunting, a partner at Mayer Brown in the areas of residential mortgage banking and consumer finance, said in an interview. For lenders and brokerages, the risks of LOs or agents overstepping are high.

article thumbnail

Why this small lender is running straight into the non-QM fire

Housing Wire

Amid surging rates, declining volumes and a reduced appetite from investors in the secondary market, there are a growing number of casualties in the mortgage space, especially in the riskier non-QM segment. First Guaranty Mortgage Corp. Now, business owners can also apply for a mortgage loan as an individual.