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“Unscrupulous” recruiters called out by Synergy One CEO

CAREER & COMPENSATION, Industry News, Originations /

Synergy One Lending’s CEO Steve Majerus is taking a stand against “toxic” recruiting culture. In a company-wide address, Majerus bemoaned “unscrupulous” recruiters who have recently conjured up “outrageous” claims in an effort to recruit away Synergy’s top talent. “The claims about financial instability or margin calls and challenges… are not only false and completely fabricated,” […]

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MISMO adds 40 definitions of fee charges to reference guide

LOAN PRODUCTS, Mortgage technology, Originations, Secondary markets, Underwriting /

The Mortgage Industry Standards Maintenance Organization has added over 40 standardized fee names to a dictionary it created and is seeking public comment on the revisions. The 30-day public comment period on those updates runs through Aug. 7. “MISMO developed this guide to promote the uniform usage of fee names and descriptions for the purpose

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New Panorama TPO targets first-time buyer lending

Housing affordability, Industry News, LOAN PRODUCTS, Originations, Wholesale lenders /

Panorama Mortgage Group, parent company of several lenders focused on affordable homeownership, announced the launch of a new mission-driven wholesale and corresponding lender aimed at making funding available to first-time buyers.    The Las Vegas-based company unveiled Travisa Financial, which it created in response to what it saw as a demand for partnerships among many third-party

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Fannie Mae expanding title waiver pilot, Pulte says

Fannie Mae, Originations, Secondary markets, Servicing, Title insurance /

Fannie Mae, a large government-sponsored enterprise serving the U.S. mortgage market, is expanding its limited title waiver pilot, according to a social media post by its conservator and regulator. “Effective today, in order to further reduce closing costs for homeowners, and foster more competition, we will be adding a second vendor — Westcor — to

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Mortgage rates turn upward on strong jobs data

Economy, MARKETING TO BORROWERS, Mortgage Rates, Originations /

The stronger-than-expected employment report is the catalyst for ending a five-week streak of declining mortgage rates, Freddie Mac reported. The 30-year fixed rate mortgage averaged 6.72% as of July 10, a gain of 5 basis points compared with the prior week when it averaged 6.67%, the Freddie Mac Primary Mortgage Market Survey reported. But it

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Union Home nabs branch led by ex-UMortgage team

CAREER & COMPENSATION, Career moves, Industry News, M&A, Originations /

Union Home Mortgage announced Tuesday the expansion of its footprint in the Midwest. A team of 16 employees, led by two former UMortgage managers, will join UHM’s existing team in Cincinnati, Ohio, according to a news release. Ravi Patel and Justin Allen, who spent more than two years at mortgage brokerage UMortgage, will both serve

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Black Americans still struggle to get mortgages, study finds

Credit, LOAN PRODUCTS, Originations, Politics and policy, Redlining /

Black Americans have long faced an uphill struggle to homeownership, and new data suggests that those problems aren’t going away anytime soon. Black homebuyers are 1.7 times more likely to be denied a mortgage than other races, according to the latest report from Lendingtree. In 2024, 19% of Black applicants were denied mortgages, significantly higher

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KBW cuts ratings on mortgage insurers

Distressed, LOAN PRODUCTS, Mortgage insurance, Originations, PMI /

Even though Keefe, Bruyette & Woods has downgraded the stock rating on three of the five private mortgage insurers it covers, its analysts are still relatively bullish on the segment. Radian, Essent and NMI Holdings have all been dropped to a market perform rating from outperform in large measure because of their strong performance year-to-date,

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Mortgage applications to buy a home jump to two-year high

Mortgage applications, Originations /

US mortgage applications to purchase a home jumped to the highest level since early 2023 last week, even as borrowing costs barely budged. The Mortgage Bankers Association’s index of home-purchase applications advanced 9.4% in the week ended July 4, according to data out Wednesday. MBA’s measure of refinancing jumped by a similar amount to the

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