Morning Roundup (2/23/2023) — Lender Survival

Good Morning! Today is Thursday, February 23. Ukraine is bracing for potential strikes on the anniversary of Russia’s invasion. Hundreds of thousands of people are without power in the Midwest because of a winter storm. A gunman in Florida killed three people, including a child and a journalist.

The Mortgage Note Reports

Lender Survival: Life is getting harder for the lending industry, specifically for non-bank lenders. Writer Scott Kimbler has the story.

AmNet Recruiting: American Mortgage Network is on the hunt for loan officers and processors in key U.S. geographic areas even as other companies see layoffs.

Homeowners Still strong: Mortgage holders ended 2022 on a strong note, with delinquencies and foreclosures remaining low, but 2023 may bring an uptick.

TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.


In other mortgage and housing news…

More WF Cuts: Wells Fargo laid off hundreds of mortgage bankers this week, including some top originators who had just returned from a retreat celebrating their success.

Acquisitions: CoreLogic acquired Roostify to expand its digital mortgage capabilities, while JZZ Technologies entered an agreement to buy Colorado-based Oxygen Mortgage.

Roc, FOA Agreement: Finance of America is selling its commercial lending business to Roc Capital, which will pay $30 million over a 3-year period.

Seeing Improvement: Housing market potential has improved alongside rates in the last three months, though buyers are still increasingly “mortgage rate sensitive.”

Realtor Deal Is Off: News Corp. is no longer involved in discussions to sell to CoStar Group Inc, the company said.

2008 Whiplash: The value of the US housing market shrunk by the most since 2008 as the pandemic boom fizzled out.

Avidia Upgrade: Massachusetts-based Avidia Bank has implemented Nexus Closing to offer its customers the convenience of “from anywhere” home financing tools.