Caliber Home Loans will pay a $2 million fine and hand out an unknown number of mortgage modifications to borrowers in the state of Massachusetts to settle allegations that the company steered struggling homeowners into risky mortgage modifications.

After rumors erupted in early September that Phil Shoemaker was leaving Caliber Home Loans for Home Point Financial, it is finally official: Phil Shoemaker just joined Home Point as its chief business officer.

Sanjiv Das became the CEO of CitiMortgage in July 2008, but we all know him as the CEO of Caliber Home Loans, a top 5 mortgage lender. Here's his take on the shrinking mortgage lending space, with some advice on how to fix it.

There are some changes afoot amongst the executive ranks at Caliber Home Loans as the nonbank lender works to continue its growth. Chief among those changes is the departure of Phil Shoemaker, executive vice president and chief operating officer of production. Sources close to the situation told HousingWire that Shoemaker is leaving Caliber to take the no. 2 spot at Home Point Financial. But that's not all that's happening at Caliber.

As senior vice president of origination operations, Jennifer Corcoran manages the fulfillment, operations and underwriting for all four Caliber channels. Described by her peers as an extremely quick study with tremendous energy and daily focus, Corcoran accomplished a 12% reduction in cost per loan in the first quarter 2018 from the first quarter of 2017. During that same period, she led a 15% volume increase.

With home prices continuing to rise without any relief in sight, more lenders are beginning to offer new jumbo mortgage products in an attempt to keep up with those rising prices. Now, Caliber Home Loans is unveiling a new jumbo mortgage program of its own – and this one features loans of up to $2 million with as little as a 5% down payment and no mortgage insurance.

The Association of Independent Mortgage Experts is in growth mode, aiming for 20% market share of the mortgage market by 2020. Recent sponsorship from United Wholesale Mortgage, Caliber Home Loans, Finance of America Mortgage, and others have enabled AIME to offer free membership to partners of its sponsors. Included in membership are a set of tools and resources loan originators can use to increase productivity.

When HousingWire reported Thursday that Chad Smith was out as president of direct lending at loanDepot, it was unknown why Smith left or where he was going next. We now have the answer. Smith was hired away by Caliber Home Loans, where he will serve as executive vice president, head of recapture and direct to consumer.

BofI Federal Bank and Caliber Home Loans announced early this week the launch of mobile apps to keep involved parties updated during the home buying process. On Tuesday, BofI announced the launch of a new mobile app that provides Realtors a dashboard to oversee clients’ BofI loans. On Monday, Caliber Home Loans announced its new mobile platform, which features three apps customized for its user groups– borrowers, Caliber’s sales force and business associates.