LoanDepot's Hsieh exits day-to-day role due to proxy fight

As a result of a proxy battle with his own board of directors, Anthony Hsieh stepped down as executive chairman of loanDepot by mutual consent, the company announced. Hsieh, who was replaced by former CoreLogic executive Frank Martell as president and CEO in April 2022 and moved up to his now-former post at that time, will no longer have a day-to-day role. He remains as loanDepot's board chairman. On Tuesday afternoon, just after the stock market closed, Hsieh released a letter he sent to the board declaring as the company's majority shareholder, at the next annual meeting he was nominating — and given his 57% voting power, installing — Steven Ozonian, the CEO of title insurance underwriter Williston Financial Group, to replace former Department of Housing and Urban Development deputy secretary Pamela Patenaude. Investors reacted negatively to the news.This unilateral action came about because the loanDepot board was not receptive to his efforts to change its composition, Hsieh said.

READ MORE: LoanDepot's Hsieh exits day-to-day role due to proxy fight

Homepoint conducts layoffs

Homepoint had a layoff round last Friday impacting dozens of employees, though some estimate that the rightsizing measure may have been even bigger. The reduction comes weeks before the Ann Arbor, Michigan-based lender is set to report its fourth quarter earnings. A person in the company confirmed the layoffs, but wouldn't specify the amount of employees impacted. The reduction, which is estimated to total 350 to 400 positions, hit all departments across the board from "senior management to sales to operations," an account executive impacted by the layoffs said. "It's standard for Homepoint to do individual calls from HR and the direct manager, which is how we were notified and we received severance and only paid out PTO if the state requires it," they added.

Mortgage activity increases again after January slide

Home lending activity reversed course last week, while purchase amounts maintained their steady growth to start 2023, according to the latest data from the Mortgage Bankers Association. The MBA's Market Composite Index, a measure of weekly application volume based on surveys of association members, surged a seasonally adjusted 7.4% for the period ending Feb. 3. The increase came one week after volumes dropped for the first time in 2023, and on a year-over-year basis, activity still came in 56% below its level over the same period in 2022. "This week's results are a step in the right direction," said Joel Kan, MBA vice president and deputy chief economist, in a press release.?

The 2023 Top Producers survey ends Feb. 24. Submit your nomination here.

Push for loan originators to work remotely gets a boost in 2023 legislation\

New legislation introduced so far this year could soon increase the number of states that officially permit licensed nonbank mortgage originators to work remotely. Lawmakers in Virginia and Montana recently introduced bills in their state chambers that would grant loan officers of independent mortgage banks the ability to conduct business in home offices. The new bills add momentum to a trend that gained steam in 2022 when seven states turned similar proposals into law. In January, the Nebraska Legislature also rolled out a proposal addressing financial services policies that could eventually pave the way for remote originations to become a reality in the Cornhusker State.?

Guild buys Legacy Mortgage to strengthen its foothold in the Southwest

Guild has purchased Legacy Mortgage, a small residential lender and servicer, in line with its goal to build market share through acquisitions and add to its holdings in the Southwest. Terms of the deal were not disclosed. Legacy is based in Albuquerque, New Mexico, and has 13 branches in three other states: Colorado, New Mexico and Texas. The publicly traded Guild Mortgage is a servicer, has over 250 branches and lends through both those retail offices and correspondent business relationships with other financial institutions.?

Sign up here to receive the National Mortgage News complete newsletter — delivered to your inbox daily.