Dan Hanson has been named executive director of enterprise partnerships and acquisitions at loanDepot, the lender announced in a press release.
In this newly created position, Hanson will spearhead new revenue opportunities, such as national referral relationships and acquisitions, as well as collaborate with senior leadership to boost profitability.
He will also work to expand loanDepot’s existing programs and partnerships, such as its employer benefits program and Lender Express offering, which provides mortgage products to credit unions and other financial institutions hoping to fill out their offerings.
“Through the execution of our Vision 2025 plan, we’ve done the hard work to ensure we can continue to address the impacts of the current market downturn and still invest in our platform,”…
Guild Mortgage has acquired Illinois-based First Centennial Mortgage, the company announced in a press release.
Founded in 1995 by brothers Steven and David McCormick, First Centennial operates predominantly in the Midwest. It recently ranked 64 of 75 in Scotsman Guide’s Top Mortgage Lenders of 2023 list and has been recognized as one of the fastest-growing companies in the U.S. by Inc. Magazine from 2017 to 2022.
San Diego-based Guild Mortgage is a nationally recognized independent mortgage lender providing residential mortgage products and local in-house origination and servicing.
The terms of the acquisition were not disclosed.
“We continue to effectively execute our strategy to grow and gain market share through acquisitions where there exists a strong cultural match and the potential…
By NICOLE MURRAY
California continues to dominate the luxury homes market, but that could change as communities fight for the country’s wealthiest individuals.
In a recent Point2Homes.com study, analysts looked at which cities in the United States have the highest share of luxury homes worth at least $1 million for sale. Results were categorized by large, mid-sized, and small cities.
They found that listings above $1 million make up around 64% of the for-sale market in Los Angeles.
LA also led the ultra-luxury sector, with almost 12% of its homes priced above $5 million.
Glendale (66%), Huntington Beach (63%), and Oxnard (43%) in California were found to be the three most luxurious mid-sized markets with high percentages of the homes…
By KIMBERLEY HAAS
It is being estimated that the average teacher can afford 12% of homes for sale within commuting distance of their school and just 27% of available rentals in the same area.
These numbers come from a Redfin analysis which looked at 2022 median teacher salaries in the 50 most populous U.S. metro areas. Commuting distance was defined as 20 minutes or less during rush hour and affordability was defined as no more than 30% of the metro’s median teacher income. For house sales, a 10% down payment was assumed.
In 2019, before the pandemic boom drove up prices, the average teacher could afford 30% of homes for sale within commuting distance of their school. A lack of…
By KIMBERLEY HAAS
With a lack of housing plaguing the country, it may be easy to jump to the conclusion that vacant offices could be the perfect fit for new apartments and condominiums, but industry leaders say there are a number of considerations to take into account with these projects.
Adam Ducker is the CEO of RCLCO Real Estate Consulting, which offers strategic and tactical advice about property investment, planning, and development. They have offices in Austin, Denver, Los Angeles, New York, Orlando, and Washington, DC.
Ducker said in a recent interview with The Mortgage Note that the concept of renovating office spaces into residential housing precedes the pandemic, even though it is a hot topic now.
He authored a…
Jennifer Schachterle has been named SVP of Sales and Business Development of the Federal Home Loan Bank of San Francisco (FHLBank San Francisco).
In this position, Schachterle will oversee the bank’s relationships with its more than 300 member financial institutions across the West. She leads the team spearheading its sales, business development, and new member recruitment.
“I’m excited to join FHLBank San Francisco and the team that is fulfilling their mission to provide liquidity to members and support homeownership, fund development of affordable housing, and economically energize communities,” she said.
“As a former member of FHLBank San Francisco, I’ve seen firsthand their impact across so many touchpoints, and I’m inspired by the opportunity to partner with our member banks, credit…
By CHUCK GREEN
To home sellers who agonizingly watched the prices of their abodes recede recently, leaving a nasty gash in profits, there’s little to say but “ouch.”
Want a touch of solace? Apparently, the waters are rippling with plenty of others in the same predicament.
A first quarter 2023 U.S. Home Sales Report released by ATTOM showed that on median-priced single-family home and condo sales across the country, profit margins dipped to 44.2%, sagging from 48.7% in the fourth quarter of last year.
A silver lining is that the typical investment return stayed relatively high. In fact, it was nearly double where it was four years ago. From the peak of 56.1% in the second quarter last year, the…
By CHUCK GREEN
Tradition dictates that April and May are the hottest months for the housing market but there are unique opportunities in parts of the country where that isn’t necessarily the case.
Rick Sharga, president & CEO of CJ Patrick Company in Trabuco Canyon, California, says that although there is truth to the idea that home sales increase as the weather improves, there are exceptions to the rule.
“Markets with a late spring – cold weather states in particular like Alaska or North Dakota – might have a later start to the traditional home selling season, while markets with more temperate clients like California and Hawaii may not be quite as dependent on changing seasons to encourage home buyers…
By BERTHA GARRETT
Across the United States, marijuana laws are being relaxed, and legal marijuana programs are being introduced. The ongoing legalization of marijuana has impacts on many areas of society, including the rental market, and it’s important for both landlords and tenants to be aware of the latest developments.
Impact of Marijuana Legalization on the Rental Market
Clearly, attitudes toward marijuana have changed a great deal in recent years. California has a great influence on the decision to legalize cannabis and led the way with its legalization, with many other states following the trend and others currently in the process of preparing their own plans to make marijuana and cannabis products more accessible.
When it comes to the rental…
Guild Mortgage continues its expansion efforts, announcing a new district in California made up of eight branches.
The branches have 40 new Guild employees, led by district manager John Lowe, who will report to regional vice president Mike Ferreira.
“Guild’s reputation and history of stability were a major draw for our group, giving us the confidence to make the move, become part of one of the best organizations in the industry, and continue to build on the success we’ve achieved together,” said Lowe.
“Guild’s business model and ability to service the majority of its home loans means each member of our team can make a long-term commitment to help every customer beyond the closing of a loan, which is a…
