Rising interest rates and a shrinking branch network are cutting into Wells Fargo's mortgage business, and bank executives say they're fine with that
Non-QM lender fires three-quarters of its workforce, saying it's experienced 'significant operating losses and cash flow challenges' and has been unable to obtain funding
The layoffs come as Pennymac ups its investment in technology and marketing to help it do more business directly with consumers and mortgage brokers
As lenders pivot from refis to purchase loans, mortgage brokers are an important source of business