The sharp rise in long-term interest rates since April — as the market has anticipated an eventual tapering of "QE3" bond purchases by the Federal Reserve — has led to a sharp drop in mortgage refinance applications and overall mortgage lending volume across the industry.
Wells Fargo continued to lay off employees and cut an additional 1,800 employees in mortgage production, bringing the overall count to 4,800 in the third quarter.
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Sanjiv Das, CEO of Caliber Home Loans, is stepping down as CEO of the company, less than one year after New Residential Investment Corp. (Newrez) acquired the mortgage lender and servicer, sources familiar with the situation confirmed.
In a challenging mortgage industry climate, it’s vital to conserve cash. Here are some strategies to implement.