Tag Archives: Industry News

Redfin reaches settlement in discrimination lawsuit

Redfin has reached a settlement with the National Fair Housing Alliance regarding a federal lawsuit in which the nonprofit accused the real estate company of perpetuating redlining practices through its policies. Redfin will, among other changes, eliminate its minimum housing price policy, which determined who could access its services, according to a settlement filed Friday […]

UWM takes aim at Rocket over layoffs

The latest round in the UWM-Rocket feud is playing out on social media. United Wholesale Mortgage CEO Mat Ishbia took to LinkedIn to call out its crosstown rival, after Detroit-based Rocket Cos. announced plans earlier this week to reduce its workforce. UWM’s headquarters are located in nearby Pontiac, Michigan.  In his LinkedIn post, Ishbia said […]

Flagstar Bank reduced its mortgage staff by 20%

Flagstar Bank has reduced its mortgage staff by 420 employees, or 20%, since the beginning of the year, the lender confirmed Tuesday.  The Troy, Michigan bank cited declining mortgage volume as reason for the reduction, echoing mortgage firms both large and small who have made cuts in recent weeks. “Mortgage originators today are facing unprecedented […]

Wells Fargo confirms mortgage staff layoffs

Wells Fargo confirmed Friday it’s laying off an undisclosed number of home lending employees due to mortgage market conditions, one week after reporting a major decline in origination volume. The bank in a brief statement didn’t specify which employees were affected nor the amount of staff displaced, and didn’t immediately respond to follow-up questions Friday […]

Guaranteed Rate, Geneva Financial, AAG add new leaders

Left to right: Eric Lapin, Mary Costello FormFree, provider of automated asset-verification software to assist lenders determine credit risk, recently appointed mortgage tech expert Eric Lapin to the position of chief strategy officer. Lapin joins the Athens, Georgia-based technology firm from Old Republic Title, w. he was first vice president of corporate development, national agency […]

New York City shuns Wells Fargo over discrimination claims

New York City won’t open new depository accounts with Wells Fargo in response to mounting allegations of discrimination against Black homeowners, municipal leaders said. The bank is facing several civil suits, and was the subject of a Bloomberg report which alleged that, among other discrepancies, that the bank rejected over half of Black applicants seeking […]

Finance of America Mortgage president leaves post in reorg

The president of Finance of America Mortgage, industry veteran Bill Dallas, has left his executive post to become an independent advisor to the unit’s parent company. “Finance of America parted ways with Bill Dallas,” the company said in an .ed statement on Friday. “We are thankful to Bill for his contributions to our company’s mortgage […]

Better CEO offers to cover insurance for fired expecting parents

After his handling of a mass of job cuts sparked outrage, Better’s Chief Executive Officer Vishal Garg said he will pay insurance expenses for a group of expectant parents who were caught up in its latest firing round. The online mortgage lender is offering extended medical benefits to 19 expecting parents among the roughly 3,000 […]