"We wanted to help a larger swath of borrowers attain the American dream"
Cuts were necessary to keep its mortgage product competitive, the company said
The new pay follows a mixed year for the lender. While its non-mortgage related lines of business saw improvements, it has had to pay billions in recent settlements.
Housing starts down 2%… Home prices up so far this year in Iowa… Most expensive one-bed rental in New York - $300,000 a month…
A steady drop in rates is giving homeowners a second chance to lower mortgage payments, and according to Ellie Mae, lenders in January saw their share of refinancing activity jump.
When will rates rise? No one knows, not even the Fed.
Will it actually work? Eric Holder has set a deadline for U.S. attorneys to identify individuals to prosecute for their roles in the financial crisis.
RealtyTrac recently reported that foreclosures jumped in January across the country due to a 55% jump in bank repossessions, but some are questioning the real estate information firm's data.