Top-five mortgage lender Newrez, owned by asset manager Rithm Capital, has imposed another round of layoffs affecting 265 employees in Colorado and Arizona, per documents sent to state authorities. That’s the third round this year, following the acquisition of Computershare Mortgage Services and its affiliate Specialized Loan Servicing (SLS )…
Continue reading →Roughly eight months after acquiring PacWest Bancorp in a rescue deal, Banc of California is selling roughly $2 billion in business-purpose residential mortgage loans, according to Bloomberg. PacWest had already sold the servicing on the debt service coverage ratio (DSCR) loans, which were originated by its subsidiary Civic Financial Services,…
Continue reading →Real estate technology provider Lone Wolf announced the official launch of its new platform Lone Wolf Foundation on Monday. The firm first announced the creation of the platform at T3 Sixty’s Tech Summit in 2023. According to the company, the platform brings Lone Wolf’s website building capabilities, as well as…
Continue reading →In the ever-evolving landscape of mortgage banking, executives face the critical challenge of leading their teams through turbulent times. The current market, characterized by the “higher for longer” scenario, presents unique obstacles: originators grapple with lower production, low housing inventory, and high rates, while operations professionals endure layoffs and relentless…
Continue reading →We continue to see a consistent pattern in net operating percentages as they relate to increasing revenue levels. As revenue increases, there is a general downward trend in net operating percentages, further confirming that higher revenue levels may be associated with increased operating costs or other factors that decrease the…
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