CrossCountry CEO may testify under oath in poaching suit
National Mortgage News
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CrossCountry leader Ronald Leonhardt could testify under oath in his firm's long-running poaching battle with Loandepot. A federal judge Tuesday granted Loandepot's request to depose the competitor's founder and CEO in an attempt to determine his role in a recruiting trip for employees. Given Leonhardt's alleged role in the poaching, a federal court "Apex Doctrine" giving senior corporate executives an extra layer of protection from depositions didn't apply, U.S. Magistrate Judge Sarah L. Cave wrote.?
The 2024 countdown of the National Mortgage News Top Producers list concludes with the 50 loan officers with the highest dollar volume. Even with a drop in overall annual volume in 2023 to the lowest level in recent memory, the originators in our Top Producers rankings found ways to keep their personal activity robust. The listing of loan officers ranked 201 to 300 can be found here , those ranked 101 to 200 here , and those ranked 51 to 100 here . This year marks the 26th anniversary of the Top Producers program. Stay tuned for more information from this year's questionnaire.
Late 2023 mortgage origination data shows changes in borrower characteristics that could point to a shift in the way banks are underwriting these loans, according to a new Federal Reserve report. Over a two-year span between the fourth quarters of 2021 and 2023, the median front-end debt-to-income ratio for new originations at the largest banks increased by five percentage points and now sits at the highest mark in over a decade at 27%, researchers at the Federal Reserve Bank of Philadelphia said. Similarly, loan-to-value ratios rose to 77% from 68% over the same period.?
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Rocket Cos. Chief Information Officer Brian Woodring is leaving the No. 2 mortgage lender to pursue other opportunities, a company spokesperson confirmed. "He has been an integral part of the senior leadership team — contributing to our technology, innovation and the growth of our [artificial intelligence] systems," the spokesperson said in a statement. "Rocket is well into its search for the next world-class technology leader to continue the momentum of AI-fueled homeownership." Woodring's departure was first reported by HousingWire. Woodring joined Rocket in November 2017 as its chief technology officer, his LinkedIn profile stated. As CIO, he was responsible for leading Rocket Technology, it continued.
Building material costs increased for a fifth straight month, but single-family construction activity shows signs of growing this year based on early 2024 data, government reports showed. Prices for residential construction goods increased a nonseasonally adjusted 0.21% in March, slowing from the previous month's 0.54% upturn , according to analysis of the Producer Price Index by the National Association of Home Builders . The current pace of monthly growth is still accelerating faster than the 0.15% average for all of 2023. On a year-over-year basis, material prices came in 2.22% higher in March.?
CMG Mortgage is purchasing Norcom Mortgage's retail division for an undisclosed amount. Phil DeFronzo, founder of Connecticut-based Norcom Mortgage, confirmed the news, noting the company made the "strategic decision to focus on [its] wholesale channel TPO GO." No other details were made available. Norcom, a family-owned company founded in 1989 is licensed to operate in at least 30 states and has almost 200 sponsored loan officers, according to the Nationwide Mortgage Licensing System. In the past year, CMG has been actively beefing up its lender headcount byway of hefty acquisitions and individual hires.
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