Despite lower origination volumes and a lot of belt-tightening, the battle for LO talent remains fierce.
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Hello, LOs!
Despite lower origination volumes and a lot of belt-tightening, the battle for LO talent remains fierce. CrossCountry Mortgage recently filed a lawsuit against Guild Mortgage for allegedly "poaching" a former Las Vegas branch manager and also allegedly convincing her to steal proprietary information.
CrossCountry alleges that San Diego-based Guild offered a former branch manager and loan originator at CrossCountry a lucrative employment package and persuaded her to take "massive amounts" of confidential business and client information in the period spanning between mid- 2020 and January 2021. The lawsuit also claims that Guild convinced the branch manager to divert loans in process to be closed.
It's the latest escalation in a brewing legal battle between the retail mortgage lenders, both of which have been outspoken about their plans to expand. Guild has accused CrossCountry of engaging in the same type of raiding, as have other lenders, namely Guaranteed Rate and Caliber.
LOs, what are you seeing in terms of poaching these days? And I'd also like to hear more about loan diversion. Email me anonymously at james@hwmedia.com.
Top-10 residential lender and servicer Mr. Cooper has cut another 420 jobs, the second major layoff it has made this year. It's also lowered guidance on originations income in Q2.
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