The loan servicing giant faces multiple lawsuits over recent cybersecurity breach and will provide 2 years of identity protection services and credit monitoring to all current and former customers
With headwinds in sight for 2024, loanDepot plans to slash $120M in annual expenses following 3 consecutive quarters of cuts, CEO Frank Martell said during a Q3 earnings call Tuesday afternoon
Dan Hanson, the former head of loanDepot's retail division, will develop 'new revenue-generating opportunities' as the lender's new executive director of enterprise partnerships and acquisitions
Fannie Mae economists say downturn won't rival the 2008 financial crisis, but jumbo mortgages and construction loans could get scarce if small and midsized regional banks tighten
Lenders lost $2,812 per loan as business dropped off faster than they could trim expenses and production costs hit a record-high $12,450 per loan, Mortgage Bankers Association survey finds
Black Knight data shows new listing volume down 25% in January compared to pre-pandemic levels, the biggest drop since most of the country was in lockdown
The Ohio bank's $9M pledge to promote ownership in Black and Hispanic areas is the 6th since the DOJ launched an initiative to combat redlining in 2021 that has generated $84M in relief
The bank says it has racked up $353M in severance expenses, primarily in mortgage, as it closes branches and pursues a 'more focused home lending business'
Rising mortgage rates have many lenders looking to sell servicing rights, creating opportunity for Dallas-based company that now collects payments on $870B in loans
National home prices are projected to fall 6.7% over the next 2 years, with sales also expected to drop 21% this year to a level not seen since 2010, Fannie Mae forecasters said
Executives hope to reduce risk by reducing the size and narrowing the focus of bank's mortgage business to better serve retail customers and minority communities
Illinois-based bank hires new mortgage ops director and will add 30 new mortgage loan officers to expand into Arizona, Connecticut, Florida, Massachusetts, New York and Rhode Island
Mortgage investors have been demanding higher yields because of fears of prepayment risk if the loans they're funding now are refinanced when rates fall
JD Power warns that the mortgage customer experience is increasingly commoditized, with few lenders finding the right formula to be seen as trusted advisers
The troubled lender has shed 5,200 workers through layoffs and attrition and is instituting other cost-cutting measures aimed at trimming $400M in annual expenses by the end of the year