Additionally: FHFA adds reporting mandate for servicers and more layoffs are announced.
Recent reports highlight the question of how much wage growth can do to sustain loan performance as pandemic relief gets rolled back, consumer costs rise and the housing market cools.
The lawsuits claim various loan officers and branch managers diverted loans and other trade secrets to their new employers.
Approximately 8% of listings on the market each week are getting a price cut, while the share of offers facing bidding wars fell below 45% in July, the brokerage’s latest report found.
The company dialed back loan production activities at its call center and from mortgage brokers as interest rates continued to rise.
The rating agency has revised the long-term issuer default rating for PacWest Bancorp and its banking subsidiary, Pacific Western Bank, from “BBB” to “BBB-” and says it doesn’t expect the bank’s common equity Tier 1 ratio to bounce back anytime soon.
As layoffs hit originations, other parts of the mortgage ecosystem are ripe with opportunity
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