Market conditions have created low volumes and overcapacity in the independent mortgage banking realm. To fight off the chill, some have taken to banding together.
When Stearns Lending hired David Schneider as its new CEO back in May, the company said that Schneider would lead the company through its “next phase of growth.” On Tuesday, Stearns Lending followed up on that claim, announcing that it acquired the mortgage production channels of Primary Capital Mortgage.
Over the last the last few years, Stearns Lending saw its mortgage origination volume grow from $5.7 billion in 2011 to $26 billion last year. Overseeing that growth was CEO Brian Hale, who joined the company in 2012. But Monday, May 15, 2017 was Hale’s last day as Stearns Lending’s CEO.
When Walter Investment Management Corp. merged two of its well-known subsidiaries last year, Green Tree Servicing and Ditech Mortgage Corp, the company said that the mortgage servicing and originations businesses would be lead by David Schneider and Patricia Cook, respectively. But Monday, Walter Investment announced that Cook is leaving the company, effective immediately, and said that Schneider will be taking over both the servicing and originations operations.
HousingWire's Monday Morning Cup of Coffee takes a look at news from the weekend, with more coverage on bigger issues.David Schneider, the executive who led Washington...
The trend of mortgage servicers chasing after new mortgage servicing rights continued with Vericrest Financial's decision to sign a deal to buy $2.7 billion in MSRs....
A look at stories across HousingWire's weekend desk, with more coverage to come on bigger issues:The upcoming week holds plenty of new economic data. The Standard...
It was only a matter of time, but Washington Mutual [stock WM][/stock] on late Wednesday said that it had decided to stop offering two complex mortgages, including option ARMs. The Seattle-based bank had rode negative amortization loans to mortgage market prominence during the recent housing boom.