The 2023 mortgage industry merger-and acquisition wave has hit New Jersey. Two lenders based in the state are negotiating a deal: AnnieMac is in talks to acquire Family First Funding, according to former employees and business partners. More merger and acquisition deals are expected to happen as mortgage rates surge
As the housing market cooled further during the fourth quarter of 2022, homebuilders also continued to pull back on single-family construction. In Q4 2022, the year over year growth rate for single family construction fell across all geographic areas, according to the National Association of Home Builder’s (NAHB) Home Builder’s
Six former employees are suing New Jersey-based Family First Funding, LLC and its three co-founders in a class-action-seeking lawsuit claiming the lender failed to pay them overtime. The plaintiffs worked as processors at the company in different periods from May 2018 through January 2023. The regular workday, according to them, was supposed
It is no secret that the housing market is suffering from an ongoing inventory drought. Existing housing inventory fell by 11,021 homes week over week for the week ending March 6, according to data from Altos Research. While many are hoping new build inventory can at least slightly ameliorate this
Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S., appointed Michelle DeHart as the vice president of loan operations, escrow, the company announced on Tuesday. “Having managed large-scale servicing operations, we will lean on Michelle’s expertise and are confident that she will deliver the best possible solutions
Cloud-based mortgage CRM OptifiNow has launched a version of its CRM platform called OptifiNow Flex, which is designed to support multi-channel mortgage teams. The product aims to unify workflows for wholesale, retail, reverse mortgage, recruiting and more into a single system while also lowering IT costs, OptifiNow said in a
The House Financial Services Subcommittee on Financial Institutions and Monetary Policy announced this week that it will hold a hearing on ways to reform the Consumer Financial Protection Bureau (CFPB). The hearing, “Consumer Financial Protection Bureau: Ripe for Reform,” is expected to discuss “the leadership structure, funding, budget, and operations
Rocket Mortgage expanded its special-purpose credit program that will offer a $3,000 credit for first-time homebuyers to use toward their downpayment in select cities. The Detroit-headquarterd lender will offer Freddie Mac‘s BorrowSmart Access program for buyers who are purchasing a home in counties across 10 metropolitan areas — Atlanta, Chicago,
Black Knight will be selling its loan origination system Empower in a bid to save the merger deal with Intercontinental Exchange (ICE). “ICE and Black Knight entered into the divestiture agreement in connection with efforts to secure clearance of ICE’s proposed acquisition of Black Knight under the Hart-Scott Rodino Act,”
Home Point Capital, the parent company of wholesale lender Homepoint, is seeking a successor to take over Mark Elbaum’s chief financial officer position. On February 24, Elbaum submitted his resignation as CFO, according to a March 1 8-K filing from the company. Elbaum’s resignation will be effective April 3 and
California-based CMG Mortgage, Inc. struck a deal to acquire the retail division of Homebridge Financial Services, the companies announced on Monday. The financial terms of the transaction were not disclosed. CMG Mortgage, which claims it originated more than $19 billion in 2022, said the M&A deal seeks to increase its
Guaranty Home Mortgage Corporation (GHMC) on Monday announced its expansion with three new licensed retail branches in Tennessee. The new branches are located in Brentwood, Lebanon and Chattanooga. GHMC originates and purchases loans through multiple channels. The expansion is part of the company’s strategy to grow its presence and focus
Meridian Listing Agent Kevin Harper Says Idaho Real Estate Market Stronger Than Many Expected
Lake & Town Realty Partners With Real Estate Portal Lakefront Living Realty LLC
Reseller Hosting Provider Launches White Label Webhosting Education Campaign For Freelancers
Ohio Investment Real Estate Broker Launches New Property Search Website
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