American Mortgage Network is on the hunt for loan officers and processors in key U.S. geographic areas.
The mortgage banker has hired three new recruiting executives– TraVaughn Paschal, George DeMare, and Rick Humphery– to lead the initiative.
“With so many mortgage lenders forced to adjust their workforces or shut down completely, many talented loan officers and processors are out of work. These professionals are excited by the challenge and opportunity of joining an employee-owned company that is expanding its footprint throughout the United States,” noted AmNet President and CEO Joseph S. Restivo.
The announcement comes on the heels of another major mortgage banker layoff at Wells Fargo.
Hundreds of employees were affected, including some top originators who had just returned…
Mortgage tech company LenderLogix is launching LiteSpeed, a point-of-sale system designed for mid-sized lenders.
Leaders at the company say LiteSpeed addresses the needs of smaller lenders by offering essential POS functionality at a low cost. Larger systems require significant investment in implementation and upkeep that most brokerages cannot afford. They function as a “second loan origination system in disguise,” according to LenderLogix Founder and CEO Patrick O’Brien.
“We knew there had to be a better, more efficient, and certainly more cost-effective way to manage the loan application process, so we created LiteSpeed to deliver pragmatic POS functionality at a price point that makes sense for the average mortgage lender,” O’Brien said.
LiteSpeed is a white-label platform that helps borrowers through…
loanDepot has migrated all of its mortgage loans into its in-house servicing platform.
The company began moving all loans from its third-party sub-servicer in early 2021, and updated its servicing portal to better serve mortgagees later that year. In January 2022, it successfully moved all FHA, VA, and USDA-funded Ginnie Mae loans into the new servicing system.
“Bringing this two-year effort to the finish line is a true testament to loanDepot’s ongoing investment in our in-house servicing capabilities and, in turn, our customers,” said LDI Managing Director of Operations and Servicing Dan Binowitz.
“Providing best-in-class customer service is our top priority and owning the entire customer journey enables us to build loyalty by providing the most hassle-free and streamlined service…
Berkshire Hathaway affiliate Intero has named Scott Chase president of the company and Terry Meyer as COO, according to a press release.
Chase, who formerly served as COO, joined Intero in November 2018. As president, he will continue managing the Los Altos and Menlo Park offices, while focusing on increasing revenue and agent differentiation. He will also work on Acquisitions, Tuck-Ins, and Franchising. He reports directly to CEO Brian Crane.
“When agents come to Intero, they come to learn from the best in the business,” said Chase. “Intero as a whole, leverages collaboration, creativity and years of experience to establish a unique culture of specialized education and agent expertise that cannot be found anywhere else.”
Meyer helped co-found Intero in…
Broker partners with fintech zavvie can now take advantage of “Cash Offer” and “Buy Before You Sell” solutions, the company announced in a press release.
The white-labeled solution, “zavvie Power Buyer” is currently available to 14 partner brokerages in eleven states and Washington D.C.
Zavvie’s goal is to help lenders increase their mortgage capture rates through solutions geared toward the housing market correction.
Brokers may be concerned about owning homes they can’t sell because of Power Buyer programs, but Hornung says zavvie has not owned even one home since it soft-launched last year.
“When brokerages use zavvie Power Buyer, they are seeing between a 10% and 15% increase in their mortgage capture business because we connect clients directly to the…
Shana Allen has been promoted from Chief Information Officer to Executive VP of 1st Security Bank, according to a press release.
Allen has served as CIO since 2010, overseeing technology, security, and project management teams.
Her expertise comes from more than twenty years in the information technology field. Allen is an expert on cybersecurity, information security, and data encryption, regularly contributing to industry publications and giving talks on the subjects.
“We are fortunate to have an industry leader and accomplished IT professional like Shana on the 1st Security Bank team,” said Joe Adams, CEO.
“Shana has demonstrated a high level of knowledge and expertise in her time with the bank, and we are honored to have her on the executive…
Deephaven Mortgage has hired Aaron Drago as its new Chief Operating Officer, the company announced in a press release.
“It’s an absolute honor to join such an esteemed organization focused on innovation and growth,” Drago said in a LinkedIn post.
“Deephaven already differentiates itself through its agility and highly responsive service. In nautical terms, we’re a yacht, rather than a cruise ship, with the flexibility to make changes that cater to customers’ emerging needs. I’m excited to help us innovate our operations and leverage technologies to build on that advantage—and ultimately empower brokers and correspondents to serve more Non-QM borrowers,” he said.
Drago brings decades of experience, including c-suite positions, to the company. He most recently served as COO for…
Long-time Rocket CEO Jay Farner is retiring after 27 years and he says the move will give him more time to focus on his family.
Farner will officially retire effective June 1, 2023, according to a press release. He is also giving up his position on Rocket’s board of directors, effective immediately.
“Being part of this amazing organization has been one of the most rewarding experiences of my life. More than 27 years ago, fresh out of college, I decided to join a small mortgage company led by Dan Gilbert. I could never have predicted the amazing journey that one decision would have taken me on,” Farner said.
Farner joined Rock Financial– the company that would later become Rocket Mortgage…
loanDepot founder and former CEO Anthony Hsieh has stepped down from his executive chairman position as part of a mutual agreement unanimously approved by the company’s Board of Directors.
In a press release, the Board explained that the decision arose from a proxy fight started by Hsieh when he sent a letter to loanDepot shareholders indicating he planned to nominate and, by virtue of his 57% combined voting power, instate Steven Ozonian as a director.
Ozonian is CEO of the Williston Financial Group and would have replaced sitting independent director Pamela Hughes Patenaude, a real estate and housing policy expert whose term expires at loanDepot’s annual meeting this year.
Hsieh cited an “urgent need for board refreshment” to combat dwindling…
By KIMBERLEY HAAS
The executive vice president of Rocket Pro TPO told brokers across the country on Monday that they are willing to indemnify those who choose to fight United Wholesale Mortgage’s anti-competition ultimatum.
During a live-streamed Ignite Live event, Mike Fawaz said he believes the ultimatum was one of the worst things to happen to independent mortgage brokers in 50 years.
“The ultimatum uses lawyers and contracts to limit choice – both for the broker and for the clients the broker services,” Fawaz said. “There’s no other way to put it – the ultimatum is immoral, reduces broker incomes, and increases the rates the clients of brokers will pay.”
Fawaz said that they stand behind brokers who want to…
