Better.com’s newest exec on layoffs, CEO Vishal Garg and more

After months of dramatic headlines (including some as recent as last week), Better is looking to make a fresh start with the hiring of several new leaders including Sushil Sharma, who was recently appointed as chief growth officer. In an interview with National Mortgage News, Sharma discusses the outlook for the company’s staffing, what he hopes to accomplish in his role and how he views the leadership of CEO Vishal Garg, who faced misconduct allegations earlier this year.?

READ MORE: Better.com’s newest exec on layoffs, CEO Garg and more

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The FHFA’s conforming limit hike takes toll on jumbo volume

The Federal Housing Finance Agency increased the nationwide limit in conforming loans for 2022 to $647,200, a much more significant increase than for 2021. In January, the production of approximately $5 billion in jumbo mortgage loans was lost because of higher conforming limits, according to an analysis from dv01. The most aggressive growth in loans was for those between $1 million and $1.5 million. Banks have dominated the jumbo market, with Wells Fargo as the number one originator and Bank of America following. Rocket was number four, the only nonbank in the first quarter's top 10 lenders.

FHA expands eligibility for those with pandemic income gaps

Those who have had temporary employment loss or reduction in income during the pandemic are targeted by the new effort. Usually, qualifications for Federal Housing Administration loans are based on income averaged over at least a year. It may now be possible to exclude a period when income was interrupted or reduced. The change is in line with FHA’s effort to provide homeownership for buyers who have endured financial distress due to the pandemic.??

With cuts elsewhere, Remax ups growth plans for Motto, wemlo brands

Remax Holdings, the parent company of real estate services firm Remax and home-lending brokerage chain Motto Mortgage, said it plans to increase investment in its mortgage segment, even as originations have fallen. The company is expected to double its current personnel to achieve its goal of $100 million in annual mortgage-related revenue. Motto has sold 300 franchises and has 200 offices in operation and is looking to open franchises 1,000. Remax’s intent to expand its mortgage businesses is a departure from the rest of the industry, which has laid-off workers.

Mortgage layoffs erase past year’s headcount gains for nonbanks

The latest round of layoffs in the mortgage industry removed staffing gains from the past year. The number of positions in the mortgage banker and broker payroll fell to 418,000 in May, down from 425,200 in April. The power of the broader job market is a mixed blessing for lenders: while consumer spending is a positive, low unemployment numbers and high inflation means the Fed will continue raising interest rates.?

Free tool: 5 things you should know about the next generation of home buyers