Housing Wire

NOVEMBER 2, 2023

Meanwhile, Michael Strauss , its only loan officer, now has an inactive status on his license, according to the Illinois Department of Financial and Professional Regulation (IDFPR). While the decision was under appeal, Strauss was brokering loans. 3, indicating a voluntary surrender.

Loan Officer

Housing Wire

JUNE 7, 2024

According to a Worker Adjustment and Retraining Notification Act (WARN) notice sent to the state authority, jobs cut include professionals in activities related to bankruptcy, customer care, default, foreclosure and valuations, among others. A spokesperson for Newrez declined to comment. Newrez, a top-five U.S.

Bankruptcy

Housing Wire

MARCH 6, 2024

Sagent’s solutions include Loanserv, a servicing system of record powering collections, accounting, escrows, investor management and customer care; Tempo, a default management system of record powering loss mitigation, foreclosure and bankruptcy; and Account Connect, a customer care and retention system.

Bankruptcy

Housing Wire

MARCH 26, 2021

The lawsuit, which combined two legal actions that were designated a class action, was filed on behalf of 5,377 loan officers and other mortgage staffers employed by the bank in California from 2013 and 2019. The deal will provide $62.8 million to the class members, with the remainder going to plaintiffs attorneys.

Bankruptcy

Housing Wire

SEPTEMBER 1, 2022

Suburban was founded in September 1988 and has 38 licensed mortgage loan officers, according to the Nationwide Multistate Licensing System (NMLS). The NY Attorney General ‘s office is looking into complaints that the company collected health insurance premiums, but canceled coverage retroactively to May 1.

Mortgages

Housing Wire

DECEMBER 27, 2023

The company hopes to reach its goal by growing organically with more loan officers under a dozen business development managers. There were also a few cases of bankruptcy. HousingWire tracked 62 mergers, acquisitions, exits and bankruptcies covered by the newsroom in 2023. bankruptcies. exits and 3.2%

Mortgages

Housing Wire

AUGUST 3, 2022

The most recent layoff came on Tuesday when the California-based lender eliminated several hundred positions, including loan officers, mortgage underwriters, processors and training specialists, multiple former employees said. The post New American Funding eliminates hundreds of jobs appeared first on HousingWire.

Bankruptcy

Housing Wire

JULY 16, 2021

By both companies’ admission, a major key to Success’s success will be hiring loan officers. Stearns exited that company after it filed for Chapter 11 bankruptcy and bought by Blackstone Group , and he starred on the Discovery Channel’s reality TV show “ Undercover Billionaire ” before founding Kind. Presented by: SimpleNexus.

Mortgages

Housing Wire

SEPTEMBER 22, 2023

Kim: Bankruptcies and layoffs are still happening. Duncan: I was looking at the bankruptcy data. It’s just gotten back to the pace of bankruptcy we saw in 2019. It is true [consumer] bankruptcies have been rising but from extremely low levels. How far are we into the industry’s consolidation? So it happens quietly.

FHA loan

Housing Wire

MAY 27, 2025

Move over, real estate agents, and make way for the person who gives homebuyers the financial ability to buy a home mortgage loan officers (MLOs). Step 2: Complete mortgage loan officer prelicensing education After registration, its time to head back to school and knock out your prelicensing coursework.

Loan Officer

Housing Wire

NOVEMBER 2, 2020

Black Knight offers several advanced capabilities that integrate with loan origination systems, including Empower, to help lenders do more in less time, while reducing costs. Black Knight’s innovative default solutions help simplify complex loan processing for loans in default. Secondary Marketing.

Lending

Housing Wire

DECEMBER 27, 2022

Other smaller lenders, including real estate tech startup Reali and Sprout Mortgage , shuttered, while First Guaranty Mortgage Corp filed for Chapter 11 bankruptcy. Those who joined during the refi boom or didn’t build referral relationships have permanently exited the industry. Or will soon.

Marketing

Housing Wire

JANUARY 19, 2023

The lawsuits quickly came pouring in, but Strauss never did seek bankruptcy protection for Sprout or its affiliates. The mystery as to what happened to its loan pipeline and funding endure. There were no severance packages, and even health insurance was canceled retroactive to May 2022, leaving some on the hook for huge medical bills.

Mortgages

Housing Wire

NOVEMBER 10, 2022

The transaction follows Angel Oak Home Loans slashing 15% of its workforce, or 57 employees, in October. billion in volume in the last 12 months through 156 active loan officers and 39 branches, according to mortgage data platform Modex. Of the total volume, conventional loans accounted for 85.7% The lender originated $2.32

Loans

Housing Wire

JULY 1, 2022

FGMC filed for Chapter 11 bankruptcy protection in Delaware on Thursday, June 30. Despite receiving an award for her group’s performance in January 2022, Meyer was informed by the human resources team, Simons and Jewkes that she was being terminated or could accept a demotion to an hourly call center loan officer.

Loan Officer

Housing Wire

OCTOBER 12, 2023

Within mortgage companies, even those that have huge scale versus small scale, they’re offering really the same borrower experience and the same loan officer experience. Obviously, they’ve got some different systems to handle hundreds of loans a month versus thousands or tens of thousands. SW: How do you fix that?

Mortgages

Housing Wire

NOVEMBER 10, 2020

“I wouldn’t chase that business because I have 46 loans in process that are fairly simple to do,” said Matt Gougé, a broker at Answer Home Loans in Folsom, California. And non-QM loans in my experience are harder.”. they hopefully cherish that referral source and work on all loans equally.”. And it doesn’t.

Debt-to-income ratio

HomeLight

JULY 30, 2021

Bankruptcy discharge papers. If your credit history is thin, the lender may look for other documents showing you keep up with your bills, though many lenders will require you to beef up your credit before considering you for a loan. Proof of assets, such as bank statements or investment account statements. Foreclosure documents.

Loans

HomeLight

OCTOBER 1, 2020

Bankruptcy documents. The very first step that must take place before a loan officer can submit your application for processing is that the seller must accept your offer. Underwriter reviews the loan. Last two months of brokerage account statements. Debts, financial history, and other obligations. Special circumstances.

Closing

Realty Biz

JANUARY 20, 2023

You'll need to provide documents such as: Valid ID and Social Security number Recent pay stubs W-2 or I-9 forms from the past two years Federal tax returns Recent bank statements Details on long-term debts like car or student loans Your loan officer, mortgage broker, or home lending advisor sends this information to the underwriter.

Title search

HomeLight

SEPTEMBER 30, 2021

Another good bet is to speak to your friendly loan officer. Below is a rundown of some popular loan programs for first-time buyers. Department of Housing and Urban Development (HUD) — is a government-backed mortgage loan. This means that should you default on the loan, the FHA will protect the lender.

Loans

Redfin

MARCH 3, 2022

To avoid a closing delay or, even worse, the sale falling through, it’s essential to be upfront and honest with your loan officer. Give your loan officer full disclosure from the start – tell us everything. Any changes to employment status could force the lender to decline the loan even at this point.”.

Closing

HomeLight

JUNE 30, 2022

Lenders will also want to know if you’ve ever declared bankruptcy or owned a house that went into foreclosure. VA loans for veterans, service members, and some surviving spouses offer 0% down to qualified borrowers, so this might be a great option if you belong in that category and want to finance all of your home purchase.

Purchase and sale agreement

Realty Biz

SEPTEMBER 30, 2023

Seek professional advice: Working with a mortgage professional, such as a loan officer or mortgage broker, can provide valuable guidance. For example, you can get approved for an FHA loan with very low credit scores. By putting more money down, you may demonstrate your commitment and reduce the lender's perceived risk.

Finance

Housing Wire

FEBRUARY 8, 2022

The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners, gig workers and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies. It was kind of a no brainer, just low-hanging fruit.

Marketing

HomeLight

JULY 29, 2022

If you can’t secure new employment swiftly, you might be able to add a cosigner to your loan and count that person’s income toward your purchase. Talk to your agent and loan officer about these options. Problem: There’s an issue with the Closing Disclosure. By law, you will get your Closing Disclosure three days before closing.

Closing

Notorious ROB

DECEMBER 19, 2022

To be fair, there were a number of big announcements, but the one I honed in on was this one: We plan to overhaul our current mortgage funnels away from third-party lead generation and toward Zillow Home Loans , and bolster our loan officers’ tools and capabilities to help the customers who come their way.

MLS

Housing Wire

OCTOBER 10, 2023

That’s because real estate agents and loan officers are in survival mode and desperate to close new business. A CFPB enforcement action could “force already financially weakened lenders into bankruptcy,” Selden said. In turn, most of them made mortgage referrals to Freedom’s traditional retail loan officers.

Loan Officer