correspondent - Real Estate Investor Pulse

Northpointe Bank to shutter its correspondent lending business

February 10, 2023 Allen Santos Comments Off

Northpointe Bank, a regional bank headquartered in Michigan, will walk away from its correspondent lending business to focus on its retail lending, mortgage warehouse financing division and specialty loan servicing business. “Due to the significant […]

Wells Fargo cuts 140 jobs as it exits the correspondent channel

February 2, 2023 Allen Santos Comments Off

Wells Fargo cut over a hundred jobs in its mortgage division this week following its decision to exit the correspondent channel and shrink its servicing portfolio. A Worker Adjustment and Retraining Notification (WARN) filed in Illinois […]

Rocket lost money last year, so why are its shares up?

February 25, 2024 Comments Off

Rocket Companies, the parent of Rocket Mortgage, lost money in 2023, but executives have expressed confidence about a big turnaround by touting investment in artificial intelligence (AI) to accelerate the company’s profitability. Despite reporting […]

Industry experts are closely watching delinquency rates, insurance costs

February 25, 2024 Comments Off

Mortgage servicers, regulators and economists are closely watching the delinquency rates for Federal Housing Administration (FHA) loans following a spike in the fourth quarter of 2023. Industry experts say that although there’s a correlation […]

Jobs data sends mortgage rates higher

February 3, 2024 Comments Off

Today we got a jobs Friday hat trick! Better headline jobs were reported, with positive revisions and more robust wage growth, which caught bond traders off guard and sent bond yields and mortgage rates […]