Blend takes a $478M loss, cuts 25% of its workforce

Blend Labs executives say they are being conservative in managing the company after recording a massive financial loss in the second quarter of 2022.  The California-based mortgage tech company plans to reduce costs, including cutting 25% of its workforce, and will focus on products with … Continue readingBlend takes a $478M loss, cuts 25% of its workforce

Mortgage forbearance rate continued to decline in July

Servicers’ forbearance portfolio volume descended in July since mortgage forbearance rate dropped below 1% in April. The total number of loans decreased one basis point to 0.34%, according to Mortgage Bankers Association (MBA). The mortgage forbearance rate on a declining trend is positive news after … Continue readingMortgage forbearance rate continued to decline in July

Mortgage forbearance rate continued to decline in July

Servicers’ forbearance portfolio volume descended in July since mortgage forbearance rate dropped below 1% in April. The total number of loans decreased one basis point to 0.34%, according to Mortgage Bankers Association (MBA). The mortgage forbearance rate on a declining trend is positive news after … Continue readingMortgage forbearance rate continued to decline in July

Wells Fargo to shutter correspondent lending?

In the face of a declining mortgage market and heightened regulatory scrutiny, Wells Fargo, the country’s largest depository mortgage lender by volume, is planning for a smaller footprint in correspondent lending and third-party servicing business. The depository bank will likely shrink or potentially halt correspondent … Continue readingWells Fargo to shutter correspondent lending?

Wells Fargo to shutter correspondent lending?

In the face of a declining mortgage market and heightened regulatory scrutiny, Wells Fargo, the country’s largest depository mortgage lender by volume, is planning for a smaller footprint in correspondent lending and third-party servicing business. The depository bank will likely shrink or potentially halt correspondent … Continue readingWells Fargo to shutter correspondent lending?

Fannie Mae appoints Cissy Yang as chief audit executive

Fannie Mae has appointed Cissy Yang as senior vice president and chief audit executive, taking over for J. Douglas Watt, who will retire in November. Yan’s appointment is effective as of September 12. As chief audit executive, Yang will be responsible for leading the company’s … Continue readingFannie Mae appoints Cissy Yang as chief audit executive

Fannie Mae appoints Cissy Yang as chief audit executive

Fannie Mae has appointed Cissy Yang as senior vice president and chief audit executive, taking over for J. Douglas Watt, who will retire in November. Yan’s appointment is effective as of September 12. As chief audit executive, Yang will be responsible for leading the company’s … Continue readingFannie Mae appoints Cissy Yang as chief audit executive