The Mortgage Bankers Association on Monday laid off about 16% of its workforce - about 20 full-timers - including four of its vice presidents. A spokeswoman for the trade group said the layoffs "were across the board" affecting all of its departments, including communications, government, marketing and research. Since last year MBA has lost about 30% of its staff. After the cutbacks the organization will employ about 110. Recently, mortgage technology vendors said MBA would eliminate its annual technology trade show to save money, but the spokeswoman shot down such talk in part. It is unlikely the MBA will hold a standalone technology show, but rather fold technology into its other shows or do smaller regional technology shows. Its membership ranks have been hurt by the worst housing downturn since the Great Depression, resulting in hundreds of non-banks and depositories closing their doors over the past 18 months. The trade group has been criticized by members and past employees for two large, somewhat recent blunders: building a new $100 million headquarters in Washington and then struggling to lease out its empty floors. It also merged with a subprime lending trade group, most of whose lending members have failed. Discussing the office building, one former MBA executive said, "They basically traded paying the rent for bodies." The executive, requesting anonymity, said the staff cuts "will impact a lot of long-term projects they have."
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A Colorado regulator earlier this year revoked the license of the appraiser responsible for the 2021 evaluation at the center of the government's suit.
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The average American must earn almost $117,000 a year in order to afford a median priced property as prices keep rising, a Bankrate analysis found.
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The Trump administration is leapfrogging the normal process by taking its fight over a district court injunction blocking efforts to shut down the Consumer Financial Protection Bureau to a federal appeals court, according to the CFPB workers' union.
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Baby boomers made up the largest share of home purchasers in 2024, as the percentage of millennial buyers declined, the National Association of Realtors found.
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Pacific Residential Mortgage discovered the ransomware incident just weeks after the successful completion of its merger with an Ohio-based lender.
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The deal is composed of 11,547 seasoned performing and reperforming loans that are first and second lien. Loan servicing includes a 180-day chargeoff feature.
April 1