Wholesale lenders

Over 70 loans were allegedly sent to competitors by the independent mortgage banker, a suit filed by UWM alleges.

Relationships with brokers will be terminated on Dec. 6, but company officials stressed there would be no impact to its loan servicing or other mortgage channels.

The offering touts closings in as few as 10 days and allows homebuyers to compete with deep-pocketed investors and iBuyers.

“One” is the first in a series of non-agency mortgages the wholesaler plans to introduce this year.

The company provides a secondary market outlet for its retail and wholesale lending corporate sibling as well as for small balance commercial loans.

While the product was hard to find after the start of the pandemic, the Consumer Financial Protection Bureau’s recent changes to Appendix Q are giving a pair of large wholesalers the chance to offer it as a qualified mortgage.

The company aims to use the additional capacity to get its non-qualified mortgage business back to producing $125 million per month, and anticipates more purchases of mortgage servicing rights, representatives said in its Q1 earnings call.

The expansion of borrower data collected in the new URLA upends an industry standard and lenders are experiencing some growing pains.

In a recent interview, Plaza Home Mortgage CEO Kevin Parra discussed why he likes certain underutilized loan products, thinks online lending will be limited, and is bullish on third-party originations.

Freddie Mac is increasing the number of companies offering merged reports from the credit bureaus through integrations with its Loan Product Advisor automated underwriting system.