Homepoint hits the ‘reset’ button

Homepoint hits the ‘reset’ button
Willie Newman, president and CEO of wholesale lender Homepoint

Michigan-based lender Homepoint leadership effectively “reset the organization” amid the mortgage downturn, Willie Newman, the CEO and president, told HousingWire in an interview on Friday. 

However, the company remains fully committed to the wholesale channel, a decision made around four years ago, even with competitors exiting the space and margins sinking like a stone. 

“In an environment like this, there’s not as much volume as we were doing before,” Newman said in an interview during the Association of Independent Mortgage Experts (AIME) Fuse conference in Las Vegas. 

“We’re not as much focused on volume and velocity as we are making sure that we improve processes, the interactions with broker partners, and ultimately to the consumers, in a way that, as we evolve from this cycle to the next cycle, we have an opportunity to grow.” 

The strategy, however, brings with it lower volume in the short term. And, so far, in response to the current market headwinds, Homepoint has shrunk its workforce dramatically. The company went from about 4,000 workers in the summer of 2021 to about 1,000 in the fall of 2022. 

“We feel like we’ve done what we need to navigate the environment. Obviously, conditions can change. And, you know, we’re always evaluating where we need to be positioned,” Newman said. 

Over the last year, Homepoint has also sold off large chunks of the business – including servicing to ServiceMac and delegated correspondent to Planet Home Lending – which accounts for several thousand workers transitioning to new firms.

The wholesale channel, which, like other channels, has been affected by surging mortgage rates and shrinking origination volumes, has an additional challenge: a competitive pricing strategy initiated by channel leader United Wholesale Mortgage (UWM). UWM in June launched the ‘Game On’ pricing initiative, slashing prices across all loans by 50 to 100 basis points. 

Amid the price war, Newman said Homepoint will focus on where the company can add value, which is the “experience” it provides in its relationship with brokers and borrowers, even though the company has “to be aware of what others are doing in the market.”   

Homepoint is not in a position to engage in an aggressive price war when considering the state of its financials. Its parent company Home Point Capital reported more than $44 million in losses in the second quarter of 2022. The workforce reduction is forecast to save more than $100 million annually for the lender, according to the company. 

The executive declined to comment when the company’s current “reset” will turn Homepoint into a profitable company. 

Rivals such as loanDepot, Mountain West Financial, AmeriSave, Point Mortgage Corporation, Stearns Wholesale (owned by Guaranteed Rate) and Finance of America (FoA) have already exited or plan to exit the wholesale channel to focus on more profitable business divisions. 

Despite the many departures, Newman said there is still sufficient capacity from a lender standpoint in the wholesale channel. “It’s really difficult in this type of environment for a company to kind of do everything well,” he said. “It’s hard to be good at everything.”   

Companies exiting the channel put additional pressure on AIME’s goal to propel the wholesale channel beyond 25% market share in 2022 and beyond. 

The broker channel accounted for just under 15% market share from April to June, with retail at 61% and correspondent at 25%, according to an Inside Mortgage Finance‘s (IMF) analysis of first-lien mortgage originations. Brokers originated $94 billion in the second quarter, down 16% from the first quarter, the data shows.

“The fundamentals are in place for the channel to grow significantly because it brings an advantage to consumers and it’s better at serving minority households,” Newman said. “But I think we’ll know more about it in the middle of next year because it does take a little while for originators to adjust.” 
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A key area where lenders can improve the bottom line

A key area where lenders can improve the bottom line


As rates continue to rise and lenders adjust to markedly tighter profit margins, the hunt is on for opportunities to improve operational costs. In light of that, HousingWire Content Solutions Managing Editor Maleesa Smith sits down with Sara Kodikara, Sr. Professional of Product Management at CoreLogic, to discuss a key area where lenders could improve their bottom line. 

“One of the key and often overlooked areas where we see lenders losing money is surprisingly in their accounting processes, specifically in the ways that they track collect, reconcile and distributed appraisal fees,” Kodikara said. “Why is this so important right now? Well, in today’s market, where lender margins are tighter than they have been in years, every dollar matters. Improving accounting workflow efficiencies can have a significant impact and help lenders maintain and grow their bottom line.”

Kodikara explained that one of the biggest challenges facing many lenders today is that they’re still using manual accounting processes when it comes to appraisals. 

“Unfortunately, when appraisal fee increases or discrepancies occur, they’re typically forced to absorb those losses,” she said. “Nobody likes that. So in short, manual accounting makes reconciliation in these instances difficult and the resulting losses that go straight to the lenders’ bottom line.”

Kodikara highlighted how CoreLogic’s accounting automation solution help solve for those challenges and reduce the costs associated with invoice processing and accounts payable overhead. The solution helps eliminate common pain points like having to combine fees prior to paying vendors, reconciling complex appraiser, AMC and lender fees, not being able to easily refund the borrower when needed, she said.

“At the end of the day, driving workflow efficiencies for lenders is in CoreLogic’s DNA,” Kodikara concluded. “It’s what we do better than anyone else out there, and our clients have been blown away by the efficiencies that the accounting automation solution has delivered.”

To learn more about CoreLogic’s automated accounting solution, click here.
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Appraisers voice opinions on AMCs, appraisal delays

Appraisers voice opinions on AMCs, appraisal delays
If discrimination is committed by appraisers – as the news headlines would suggest – fellow appraisers and real estate agents say they rarely witness or experience it.

A survey of appraiser members and non-appraiser members conducted by the National Association of Realtors found that only 3% of the 2,353 respondents reported witnessing or experiencing discrimination in an appraisal.

According to the 2022 Appraisal Survey, which was conducted in May 2022, the most likely sources of bias were race or color at 2% each, with respondents reporting things like appraisers telling them they were trained to “routinely deduct 15% in value from homes owned by Black people” and instances where the appraiser “valued a home at 1/3 less than actual value after meeting the homeowners.”

While the vast majority of respondents did not report witness or experiencing instances of appraisal bias, only 33% of all respondents reported that the most competent appraisers are being selected in their markets some of the time, and only 20% said that this is the case most of the time. The top two issues in appraiser competency cited by respondents were appraisers being asked to appraise outside their areas of expertise in terms of location (42%), and third parties searching for “the cheapest and fastest appraiser” (41%).

Another issue with appraiser competency could be appraisers’ apparent lack of familiarity with valuation tools. Survey respondents were most comfortable with desktop appraisals and least comfortable with automated valuation models (AVMs). However, 63% of respondents still rated their comfort level with desktop appraisals as a “1” or “very uncomfortable.”

Overall, nearly all appraiser respondents (97%) have conducted an in-person appraisal and 79% have conducted a desktop/drive-by appraisal. In addition, 11% of appraisers cited evaluations (non-appraisal opinions of value) as an appraisal source, while 8% said they had used “other appraisal methods,” which included various hybrid approaches or an exterior appraisal.

The surveyed appraisers reported that the greatest challenge with their business was appraisal management companies, with 54% of respondents selecting this option. Other top challenges cited by appraisers were expanding regulations/interpretation of regulations (30%), pressure from real estate agents/brokers (27%), fee pressures (27%), and high demand for appraisals (26%).

For non-appraisers, the greatest challenge was lack of inventory, with 66% of respondents selecting this response.

In addition to citing AMCs as their greatest challenge, appraiser respondents also said that they frequently caused delays, with respondents writing things such as: “AMC add countless days and or weeks to the process by shopping for lowest fee and/or quickest turn time.”

And: “Get rid of the AMCs.”

Other appraisers attributed delays to incomplete MLS data, responding with comments like: “More complete MLS data. Agents are sloppy with photos and data.”

Non-appraiser respondents voiced complaints of their own about appraisers:

“Appraisers are far too opinion based and not fact based,” read one comment. “If they do not live in an area and have a bias against it shows too much in appraisal.”

“Appraisers need to have to answer to someone,” said another. “We had an Appraiser go MIA and almost cost my buyer a deal.”

But some also took issues with AMCs and cited the companies as a major source of disruption, while other felt better wages could help attract more appraisers to the business, alleviating some of the stress on the current appraisal workforce. According to the survey, the median cost for an appraisal is $500, with 71% of respondents reporting a cost of $400 or more. The majority (54%) of appraisers feel they are fairly compensated for each appraisal, while 40% feel they are not fairly compensated.

Overall, 46% of all respondents said there are no delays in their market with completing appraisals. When it comes to addressing appraisal delays, more educational opportunities for new appraisers was the top ranked solution among all respondents, followed by new technology, shorter mentorship/training period for appraisers, and hybrid appraisals. Among appraiser respondents, more educational opportunities for new appraisers was also the top ranked response.

Even though less than 50% of respondents reported no appraisal related delays, the survey found that the median number of days it took to receive an appraisal report from the lender was 14, with 60% of respondents reporting that it took 11 days or longer.

While non-appraiser respondents reported that the appraisal has “some impact” on the transaction, only 47% had ever had a transaction fall through due to an appraisal. Of those who have had a transaction fall through due to an appraisal, 74% reported that the appraised value was the issue, followed by appraiser lack of knowledge/use of inappropriate comps (39%), buyer unable to cover gap (35%), and seller refusal to adjust price (34%). Only 4% of respondents cited appraiser bias for potentially discriminatory reasons as the reason why a transaction fell through as a result of an appraisal.

At the height of the pandemic home buying frenzy, it seemed almost every offer included an appraisal gap clause if the buyer had the funds to cover the potential added cost, but 43% of non-appraiser respondents reported that their clients do not understand what an appraisal gap is when they first begin working with them, and over a quarter (28%) said only some of their clients understood what an appraisal gap was.

It appears buyers are more familiar with appraisal contingencies, with 69% of non-appraiser respondents reporting that some or all of their clients understand appraisal contingencies.
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Court tosses Trump-era HMDA reporting change

Court tosses Trump-era HMDA reporting change
A federal judge has ruled in favor of a coalition of community housing groups against the Consumer Financial Protection Bureau (CFPB), vacating part of a Trump-era rule that impacted the reporting obligations of certain mortgage lenders.

The D.C. District Court found that the CFPB, under Trump appointee Kathy Kraninger, acted in an “arbitrary and capricious” manner by exempting mortgage lenders from reporting obligations under the Home Mortgage Disclosure Act (HMDA) designed to help combat fair lending and fair housing violations, including redlining. While the rule was not entirely thrown out, the coalition of community groups characterized the decision as a “vindication.”

“This ruling partially overturns a Trump-era rule that blocked a significant portion of the mortgage industry from reporting information about who they were approving and denying for loans,” said Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition (NCRC), which filed the suit. “Public data on home mortgage lending is crucial to combatting modern-day redlining and other forms of illegal discrimination that contribute to the savage inequalities plaguing our country.”

The court did partially rule in favor of CFPB by maintaining portions of the 2020 rule related directly to open-end lines of credit, but the portion specifically related to closed-end mortgage loans was vacated.

“By recognizing that the prior administration had been arbitrary and capricious, and bringing sunlight back into mortgage lending data, the court helps to vindicate the federal government’s longstanding efforts to deliver equality of opportunity,” Van Tol said of the decision.

In a court filing made in June 2021, attorneys for the CFPB had argued that the plaintiffs had not sufficiently established that provisions of the rule were “unreasonable,” and that the rule was a “lawful exercise” of the Bureau’s authority.

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While the presiding judge did not challenge CFPB’s authority to implement policy, the opinion did find that the Bureau’s justifications for excluding a large share of institutions from reporting requirements under HMDA were “on shaky ground.”

“Where a statute is designed to provide transparency in business practices to enable enforcement of laws designed to bar discriminatory and risky lending practices, and where Congress has so recently carefully crafted a framework to maximize the universe of lending institutions required to report some data, while minimizing the extent of the burden of reporting on those institutions most likely to feel the brunt of it, CFPB’s decision to essentially undo Congress’s carefully selected balance with blanket exceptions for this share of the lending market without explanation is arbitrary and capricious,” the opinion reads in part.
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The importance of loan quality debt monitoring

The importance of loan quality debt monitoring
In the mortgage industry, the time between when a hopeful borrower submits their loan application and the loan actually closing is 50 days on average, according to the Origination Insight Report by ICE Mortgage Technology. During this period, a borrower’s credit profile may change drastically. From taking on additional debt and late payments to being sent to collections, a borrower who qualified for a loan just a few months ago may no longer be eligible. This can result in significant revenue loss for the lender.

Known as the “quiet period,” the time between the commencement of origination and closing can wind up being a risky blind spot for lenders. When undisclosed debt is found after closing, the investor may require the lender to buy back the loan, the last thing a lender wants. The consequence of undisclosed debt can cost borrowers and lenders alike.

According to LexisNexis True Cost of Fraud for Real Estate Study, for every $1 of fraud, it costs $5.34 to recover that money, while non-depository originators, such as mortgage lending companies, spend an average of $4.66 to recover every $1 of fraud. Moreover, one in 131 mortgage applications was estimated to have indications of fraud and one in 164 refinance applications, according to CoreLogic’s 2022 Mortgage Fraud Report.

Those numbers are far from insignificant, especially when considering your bottom line as a lender.

How to identify and prevent undisclosed debt

Undisclosed changes to a borrower’s credit report aren’t always intentional, and it’s not always considered fraud. But even when the borrower is not purposefully misleading their lender, the repercussions can be costly. That’s why the best defense is a good offense.

Quality credit counseling at the time of a loan application can work wonders for stopping undisclosed debt or other credit changes before they do damage. Since not all borrowers know about the risks of undisclosed debt, lenders should encourage their customers to educate themselves while also providing standard advice such as not making any large credit purchases during origination, like cars or furniture.

While it may seem like unearthing undisclosed debt is as simple as running the credit report regularly during the origination process, that isn’t necessarily the answer. Credit reports show credit from a specific point in time, and there is still a substantial risk that the report will change prior to closing.

This also fails to provide the lender with much ability to stop a consumer from completing a transaction that could compromise their ability to qualify. This practice may still result in lost revenue and incurred costs of processing and underwriting a loan that doesn’t end up closing.

Preventing loss with debt monitoring

Debt monitoring systems monitor a borrower’s credit profile and provide lenders with daily alerts regarding any changes to the credit profile that may compromise a borrower’s ability to qualify. Monitoring can begin at any point in the loan process and can even offer a glimpse into new credit inquiries that haven’t been reported as new debt yet.

This type of monitoring can continue throughout the loan process all the way to final closing, giving lenders last-minute insight that might end up being crucial. While lenders can choose to use just one or two of the three credit bureaus for their credit monitoring, using three-bureau monitoring is the best bet for preventing undisclosed debt from sneaking by during the origination process.

How to solve for undisclosed credit changes

CoreLogic Loan Quality Debt Monitoring provides frictionless integration with ICE and monitoring can be started and stopped via automation, giving it a modern twist to monitoring. The company’s debt monitoring solution allows lenders to start and stop their service with Encompass Partner Connect. They also offer batch via SFTP, API, simultaneous ordering with Loan Safe Fraud Manager and Loan Safe Risk Manager, and through their automated AutomatIQ Borrower application.

CoreLogic provides lenders with a report they can keep in their loan file showing the monitoring history and any reported activity to share with investors post-closing. This means lenders can rest assured that loan buy-backs are far less likely to happen in the future.

To learn more about CoreLogic Loan Quality Debt Monitoring, visit corelogic.com.
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Fannie Mae taps Priscilla Almodovar as new CEO

Fannie Mae taps Priscilla Almodovar as new CEO
Nearly six months after CEO Hugh Frater announced his resignation, Fannie Mae has found a permanent replacement. Priscilla Almodovar, the president and CEO of national housing nonprofit Enterprise Community Partners, will take the helm of the mortgage finance behemoth on Dec. 5.

David Benson will continue to serve as interim CEO until Almodovar takes the reins. Benson will remain the president of Fannie Mae.

Almodovar, a former managing director at JPMorgan Chase who co-led its real estate division for five years, has served as CEO of Enterprise Community Partners since 2019.

“Priscilla’s vast experience in large, complex businesses and her commitment to affordable housing makes her an ideal choice to further Fannie Mae’s mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America,” Michael Heid, who chairs Fannie Mae’s board of directors, said in a statement.

A lawyer by trade, Almodovar was president and CEO of the New York State Housing Finance Agency earlier in her career. She will receive a base salary of $600,000 per year, according to filings with the Securities and Exchange Commission.

“It’s an honor to join Fannie Mae and lead the company as it carries out its vital role in the housing finance market and works to help ensure that equitable, affordable housing is available to people in communities across the country,” Almodovar said in a prepared statement on Thursday.

Fannie Mae has lost a slew of executive talent in recent years, which sources have attributed to a stifling work environment, better pay in the private sector and limit chances of leaving conservatorship.

In April, Frater and Sheila Bair, the chair of its board, both announced their resignations effective May 1. Antony Jenkins, the vice chair of the board’s nominating and corporate governance committee, also resigned in May.

The government sponsored enterprise is navigating one of the most difficult market environments in its history. With mortgage rates at their highest levels in decades, Fannie Mae’s economists forecast the mortgage market to decline from $4 trillion in 2021 to about $2.44 trillion this year. It will likely slip even further to $2.17 trillion in 2023.

The agency’s Economic and Strategic Research Group continues to forecast 0.0% real GDP growth on a full-year basis through 2022, but it revised downward its expectations for 2023 growth by one-tenth of a percentage point to negative 0.5%. 

In a statement issued Thursday, Enterprise Community Partners said it would conduct a national search to replace Almodovar. Until a replacement is identified, Lori Chatman, the president of Enterprise’s capital division, and Drew Warshaw, Enterprise’s chief operating officer, will serve as interim co-CEOs. 
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Don’t miss FHFA Director Sandra Thompson at HW Annual

Don’t miss FHFA Director Sandra Thompson at HW Annual
Taking the main stage on Oct. 5 at HW Annual, Federal Housing Finance Agency Director Sandra Thompson will sit down for a fireside chat with HousingWire’s Sarah Wheeler. The highly anticipated conversation will share updates on the agency’s latest initiatives, some of the latest collaboration and oversight moves from the agency and more.

“A lot has happened and shifted in the housing market over the last few years, especially considering the impact of the COVID-19 pandemic, the rise and drop in the refinance market and the current Fed-driven housing recession. These changes create a lot of questions, which is why we’re honored to have FHFA Director Sandra Thompson as a keynote speaker at HW Annual this year,” said Brena Nath, HW Media’s director of HW+ and events, in anticipation of the event. 

After first bring nominated by President Joe Biden to permanently fill the position of FHFA director in December last year, Thompson was officially confirmed and named to the position in May.

Prior to her time at the FHFA, Thompson served at the Federal Deposit Insurance Corporation for 23 years. There, Thompson led the agency’s examination and enforcement program for risk management and consumer protection at the height of the financial crisis. She also led the FDIC’s outreach initiatives in response to a crisis of consumer confidence in the banking system. She has truly dedicated her professional life to the housing industry. 

“From the biggest challenges in housing right now to the latest updates around fair housing, there are many issues that attendees care about that this fireside chat will address,” said Nath.

HousingWire Annual

Why you should attend HW Annual Oct. 3-5 in Scottsdale

AJ Barkley to speak at HW Annual Oct. 3-5

Tom Ferry and Gino Blefari take the stage at the Vanguard Forum Oct. 4

HW Annual will be held in Scottsdale, Arizona this year and feature housing leaders from all corners of the industry, including real estate, mortgage and closings. Catch these and many more amazing panels to reignite your passion for the industry amongst your peers and colleagues. Don’t miss a chance to hear from today’s top leaders and enjoy networking events with like-minded professionals. As a reminder, HW+ members get exclusive pricing and receive 50% off the ticket price. Go here to register if you’re an HW+ member or to sign-up for HW+ to get access to that pricing.
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Top tips for mortgage professionals using TikTok

Top tips for mortgage professionals using TikTok
Social media app TikTok is expected to reach 1.8 billion users by the end of 2022 – will you be one of them? Many mortgage professionals are turning to the platform as a way to connect with prospective borrowers and educate them on mortgage, as well as market themselves. 

We spoke to UMortgage Branch Manager Arielle Best, known as the VA Loan Lady on TikTok, about the platform and how best to utilize it as a mortgage loan originator. Best joined TikTok in 2020 and today has 61.3k followers and 524.8k likes on the platform. She’s part of UMortgage’s “Lender Avengers” team, along with Rebecca Richardson (The Mortgage Mentor) and Nate Fain (The Mortgage Creator). 

“We’re on [TikTok] mostly to educate and provide information, it’s not necessarily a sales platform,” Best said. “We’re on there to provide accurate information, and if people want to use us, that’s awesome.” 

Using TikTok

Best’s top three tips for loan officers using TikTok are to be your genuine self, keep it short and sweet, and “just do the video.”

“Even if the first one sucks, you can only get better,” she said. “You can look at it and say, ‘How can I make this video better?’” 

She said one mistake she sees a lot of loan officers new to TikTok make is talking to the camera rather than through the camera to their audience. 

“Be your true self,” she said. “Act like you’re talking to friends when you’re explaining something, as if your best friend came to your house to ask you mortgage advice – talk to your phone like that.” 

According to Best, her biggest learning curves upon joining TikTok were learning how to use the app’s features and understanding what the algorithm was looking for when putting out content.

“Putting out information – useful information – wasn’t gaining traction unless you made it less than 10 seconds, put catchy music behind it and put the words on the screen,” she said. “The biggest thing with TikTok is understanding how viewers want to consume the information, even if that information is something that’s important, getting it to where they’re going to see it.”

She said the app’s algorithm is looking for “small bites of information that are useful, digestible and understandable, and in as short a time as you can provide it.” 

She also recommended learning how to organize your TikTok by using the playlists feature. Best has playlists for her Q&A Wednesday series, satire videos and true stories, among other types of videos. Playlists make it easier for your followers to binge your content and absorb all the information.

When it comes to deciding what to make videos about, Best says she looks toward her commenters. 

“I always will go to my comment section, because those are the people that are looking for answers, are the ones asking questions,” she said. “I let them decide what I’m going to talk about.” 

“That’s another great thing about TikTok that I love – one person can ask me a question that is useful to so many people, and I’ll reply to that with the answer,” she said. “Then so many more people have that knowledge and information now that didn’t and wouldn’t have known where to find it, because the average borrower is not going to go dig through the chapter of a handbook to find information for their loan circumstance.” 

Best also recommends making videos on important news updates borrowers need to know about. 

Building a brand

In terms of building a brand, Best says it’s crucial to know your market and to combine your passion with what you’re already doing. As the VA Loan Lady, she specializes in VA loans because she’s passionate about helping veterans. 

“Build your brand around the things that you love to do, and then your brand comes to you a little more naturally,” she said. 

The best way to grow your audience is to post routinely, and be sure to cover controversial and often misrepresented topics by providing accurate information, she said. 

Return on investment

Best said she spends less than 10 hours a week on her TikTok.

“I’ll spend probably an hour today just replying to videos, and then editing and posting and kind of batch-dumping videos,” she said. 

What kind of ROI does she see for her time on the app? In April she had 400 people fill out inquiries and applications from TikTok. She posted a video in July that had more than 1 million views, and said that about 530 people reached out afterward.

“It wasn’t all applications, but we had inquiries up above 500 for one video,” she said. “If I were to average, it’s no less than at least 150 to 200 either inquiries or applications a month.” 

Ultimately, Best said, the key to TikTok is to remember that your audience consists of real people you’re connecting with, rather than people you’re trying to pitch or sell yourself to. 

“You are there to educate and inform them of their options for financing,” she said. “Don’t sell yourself, be yourself.” 

Interested in seeing how other professionals use TikTok? Check out these mortgage and real estate accounts you should be following!
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Angel Oak Mortgage shakes up leadership

Angel Oak Mortgage shakes up leadership
Non-QM real estate investment trust Angel Oak Mortgage Inc. on Wednesday announced the departure of CEO Robert Williams. The company appointed Sreeni Prabhu, a managing partner at affiliate Angel Oak Capital Advisors, as the new president and CEO.

The leadership shakeup comes after two consecutive quarters of financial losses. Angel Oak Mortgage Inc., which went public last year, disclosed a net loss of $52.1 million in the second quarter and $43.5 million in the first quarter.

Prabhu will remain a managing partner and the chief investment officer at Angel Oak Capital Advisors and Williams will serve in an advisory role during the transition, the company said Wednesday in a statement.

“I have worked side-by-side with Sreeni for more than 14 years, and believe his investment and operational experience, leadership, and strategic vision will help drive the company’s success in the years to come,” Michael Fierman, chairman of the company’s board of directors, said in a statement. 

“After the successful completion of the company’s initial public offering in 2021 and its first full year as a public company, the board believes that now is the right time to make this leadership transition,” Fierman added. “We want to acknowledge Robert’s hard work and contributions to our growth and successful launch of the company as a publicly-traded REIT, and we wish him well in the future.”

In an 8K report filed with the Securities and Exchange Commission, Angel Oak said Williams, who previously worked at New Residential and Fortress, was terminated without cause.

Prior to co-founding Angel Oak Capital, Prabhu was chief investment officer of the investment portfolio at Washington Mutual Bank in Seattle, where he managed a $25 billion portfolio. He said Angel Oak Mortgage Inc. was “fully committed to growing the company through execution of our consistent strategy of underwriting and managing credit risk, judiciously utilizing the securitization market, and prudent leverage.”

Angel Oak Mortgage Solutions, a separate company within the Angel Oak family, this week announced layoffs affecting 75 staffers.
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Fidelity names chief HR officer

Fidelity names chief HR officer
Fidelity National Financial named a chief human resources officer who has more than 25 years of experience, most recently at Black Knight Financial Services. Read on for more.
Source: thetitlereport.com