"While this was an extremely difficult decision to make, we intend to build on our leadership position in the correspondent market and remain committed to purchasing loans from smaller financial institutions and independent mortgage companies," mortgage head says in letter.
The 46-state lender said under the program, mini correspondent clients originate loans, submit them to New Penn for underwriting. Once the lender gets the clear-to-close, they sell the loans back to New Penn post-funding.
Friday Funding takes a look at the mortgage lending operations at origination firms. In this edition, Bela Donine, a managing director at HomeBridge discusses correspondent growth with HousingWire. HousingWire: Who...
Mortgage lender Caliber Funding launched a correspondent lending channel, expanding its production capacity, the company announced at the Mortgage Bankers Association Secondary Market Conference & Expo...
Melvin Luther Watt quietly slid into his office as the first appointed director of the Federal Housing Finance Agency. It was the end of last year, in mid-December. Christmas was coming and the markets were in the middle of the harshest winter in years. As he took over the office of Acting Director Ed DeMarco — himself the unassuming lightning rod for the nation’s housing policy — Watt gave no indication of what he intended to do with his new position; arguably the most powerful job in mortgage finance..
Crowdfunding has swept through large verticals of consumer finance, including student loans and credit card debt. And so, naturally, in a market of rising property values, the real estate market is the latest frontier for crowd-based financing. Read More
Like oxygen, warehouse lending is one of the mortgage industry’s essential life-supporting elements. And fortunately, the warehouse segment is in much better health today than it was six years ago, as we are back up to around 70 warehouse lenders at my last count. Read More