Ally Financial is winding down its mortgage origination business, saying its borrowers are struggling with debt. The company will also cut less than 5% of its workforce. They have about 11,000 employees. “As we continue to right-size our company, we made the difficult decision to selectively reduce our workforce in some areas, while continuing to…
Digital lender Lower launched a new mortgage origination platform with the help of Neat Labs’ proprietary technology. The company acquired Neat Labs, an end-to-end mortgage origination software company that has originated more than $1 billion in loans since its founding in 2015. Steve Herschleb, co-founder and CTO of Neat Labs, will join Lower as its…
Blue Sage Solutions is now the first LOS to fully integrate Fannie Mae’s Income Calculator. This is an API-enabled integration, fully initiated from the LOS, that streamlines income calculation for self-employed borrowers or those with income from business ownership. With this data, lenders can now get faster, more accurate mortgage approvals. Fannie Mae offers rep…
United Wholesale Mortgage announced a 60-day basis point pricing incentive for independent mortgage brokers. The program, “60 bps for 60 days,” is available for borrowers with a FICO score of 720 or higher through January 31, 2025. It applies to both conventional and government loans. This program is designed to help independent mortgage brokers stay…
Leaders at Rocket Companies are optimistic about the future, saying they had a strong third quarter. Rocket reported its Q3 2024 earnings on Tuesday, with total revenue of $647 million and adjusted revenue of $1.323 billion. “We delivered strong third-quarter results, expanding purchase and refinance market share, and increasing adjusted revenue by 32% year-over-year. Our…
Mortgage broker Townstone Financial is set to pay a $105,000 penalty to resolve redlining allegations in Chicago. The Consumer Financial Protection Bureau filed a proposed order to resolve its case against Townstone for discriminatory lending practices and redlining in predominantly Black Chicago neighborhoods. The order would stop Townstone from “taking any actions that violate the…
Citadel Credit Union is introducing new lending initiatives after settling a redlining allegation from the Department of Justice. The credit union will pay $6.5 million to resolve allegations that it engaged in redlining in predominantly Black and Hispanic neighborhoods around Philadelphia. “This redlining settlement marks the Justice Department’s very first resolution involving a credit union,…
Servicing fintech Haven introduced Haven Wallet, a program that allows lenders to continue interacting with borrowers through the life of the line. Haven Wallet is a turnkey, digital experience that provides borrower engagement opportunities even after the loan is sold, fostering long-lasting relationships between homeowners and originators. It offers the following benefits: Borrowers access a…
Matt Kingsborough has joined Planet Home Lending as Regional Sales Manager, the company announced in a press release. Kingsborough brings more than twenty years of industry experience to the position. He will oversee Planet’s expansion in the Western U.S. Kingsborough said he emphasizes personal and professional development among employees, focusing on work-life balance to encourage…
The Consumer Financial Protection Bureau and the U.S. Department of Justice are suing developer and lender Colony Ridge, alleging it targeted Hispanic borrowers with “bait-and-switch” land sales and predatory loans. The lawsuit claims Colony Ridge gave borrowers inaccurate information about homesites and coerced them into loans they could not afford, according to the CFPB’s press…
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