The tech that some of the Best Mortgage Companies To Work For value most
National Mortgage News
In-depth analysis, strategy and data spanning the entire residential mortgage industry. An Arizent brand.
Investing in automation that leads to employee satisfaction can be tricky, and that's been particularly true recently. Traditional mortgage originations have fallen year-over-year, and even parts of the business with some cyclical advantages like home equity and servicing have had to prioritize when it comes to spending. At the same time, getting employees like loan officers to appreciate technology isn't always easy because they can be resistant to using it.If anyone in the industry is finding a way to get technology right despite these challenges, it's lenders that landed on this year's Best Mortgage Companies to Work For list. The latest year's employee survey results show they are more effective than those not in their ranks in generating satisfaction with technology. We asked a few of the Best Companies what types of lending or servicing technology appealed most to their employees, what kind of satisfaction it provided, and whether they needed to demonstrate its value.
The $3.2 billion government-backed offer from Switzerland's UBS to buy its troubled competitor, Credit Suisse, is a relief to the U.S. mortgage market in part because the two companies have some limited ties to it, but more because it stabilizes European financial institutions that broadly support industry funding. "European banks are being protected by their regulators and that is important because they provide a lot of warehouse financing," said Jon Van Gorp, chair at law firm Mayer Brown, referring to the funds mortgage lenders use in their loan pipelines. So while neither Credit Suisse or UBS alone might currently be a dominant player in U.S. mortgages, if the former's unique financial and regulatory challenges were to reach the point where they disrupted institutions in Europe more broadly, the market might've faced a dangerous funding crunch.
Most distressed mortgages emerged from workouts intact in February but the chargeoff rates for auto loans and credit cards are up, in part due to steep housing costs that have contributed to high levels of household leverage. The majority or 76% of borrowers who completed post-forbearance workouts on distressed homes loans from 2020 on were current at the end of the month, roughly matching the share recorded a month earlier, according to the Mortgage Bankers Association. With the recovery rate strong and only 0.6% of borrowers remaining in the extraordinary long-term forbearance extended to pandemic hardships, servicers are watching other consumer finance indicators and the broader economy for signs of trouble.?
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Publicly traded lender and servicer Guild Mortgage revealed its leadership succession plan, following the announcement Monday of the upcoming retirement of CEO Mary Ann McGarry. As head of the San Diego-based company since late 2007, McGarry will step back from leadership duties on June 30. Taking over as CEO will be current president Terry Schmidt. McGarry plans to remain on the board of directors.? Guild also said it plans to promote executive vice president David Neylan to president, a role he will serve concurrently alongside his current position of chief operating officer.
Treasury Secretary Janet Yellen said Tuesday that the government is poised to take further actions to shore up depositors should the need arise, and she defended regulators' interventions into Silicon Valley Bank and Signature Bank as necessary to stabilize the banking sector. Speaking at the American Bankers Association annual summit in Washington, Yellen said the liquidity crunch at Silicon Valley Bank in California and Signature Bank in New York required "a swift response" and should reassure markets that regulators will do what it takes to ensure the safety of the banking system.
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