Reverse Mortgage Funding LLC Pauses Originations

Reverse Mortgage Funding LLC Pauses Originations. It Tells Partners It Won’t Fund Loans That Haven’t Already Closed Reverse Mortgage Funding LLC (RMF) has halted all of its origination activities Monday.  The New Jersey based lender sent a letter addressed to its partners states that, “all loans that have not closed will no longer be processed.”…

By Steve
2 min read

Independent Mortgage Banks See Losses Skyrocket By 800%

MBA Says Independent Mortgage Banks Saw Losses Increase By 800%. Report Says Loan Servicing Is The Only Thing Keeping IMBs Alive The loan losses continue to grow for independent mortgage banks aka IMBs. The Mortgage Bankers Association (MBA) is out with new numbers and they are not good. The report shows IMBs reported a net…

By Steve
3 min read

Impac Mortgage Holdings Fires 47 Percent Of It’s Employees

Impac Mortgage Holdings Fires 47% Of Its Employees After Posting $13 Million Loss In 3rd Quarter Of 2022 Impac Mortgage Holdings had a $13 million loss in the third quarter of 2022. This is leading leadership to adopt a defensive posture. They need to try and navigate one of the most challenging markets in decades….

By Steve
2 min read

Angel Oak Selling Its Retail Lending Business

Angel Oak Home Loans Selling Brick-And-Mortar Locations Along With Staff To Cross Country Mortgage. Angel Oak Home Loans said Thursday it will exit its brick-and-mortar retail lending business. The Atlanta-based lender said it is selling its retail lending business to a buyer it declined to disclose. It also did not disclose the financial terms of…

By Steve
2 min read

Redfin Laying Off More than 800 Employees

Redfin Announced Wednesday It Is Laying Off 862 Employees. This Is 13% Of Its Staff. They Also Stated They Are Getting Out Of The iBuying Business. Redfin CEO Glenn Kelman wrote in an email to employees that the company is “laying off 862 brilliant, loyal people.” He also added that the company was closing RedfinNow….

By Steve
2 min read

Shrinking loanDepot Takes A $137.5M Hit In 3rd Quarter

Shrinking loanDepot Takes A $137.5M Hit In 3rd Quarter Due To Originations Declining To $9.8 Billion In Third Quarter A sever shrinking loanDepot posted it’s third-quarter earnings. The numbers show the company’s struggles are far from over.  loanDepot reported its second consecutive quarterly loss in large part to plummeting mortgage production. The company says it expects production…

By Steve
2 min read

Finance Of America Posted 4th Straight Quarterly Loss

Finance Of America Posted It’s 4th Straight Quarterly Loss. Is The Slowly Imploding Finance of America Going The Way Of The Dinosaurs?  Finance of America posted its fourth consecutive quarterly loss on Wednesday.  The company had already announced it was working toward closing its forward mortgage origination business. Finance of America posted a net loss…

By Steve
2 min read

New American Funding Lays Off 240 Employees

Broker Solutions Incorporated Doing Business as New American Funding Lays Off 240 Employees California-based New American Funding (NAF) said Tuesday it has reduced its workforce by about 240 positions this week. It had previously laid off employees in August. Broker Solutions Incorporated doing business as New American Funding is a family-owned company. Broker Solutions started…

By Steve
2 min read

American Homeowners Lost $1.3 Trillion In Equity

American Homeowners Lost $1.3 Trillion In Equity In Their Homes In The 3rd Quarter Of 2022 American Homeowners saw their home values peak in the second quarter of this year. Unfortunately, it was short lived. American homeowners lost nearly $1.3 Trillion in equity from July through September. The value contraction is a record according to…

By Steve
2 min read

Athas Capital Group To Shut Their Doors

Athas Capital Group Wants To Bow Out Of Lending Like Gentlemen And Immediately Wind Down Their Operations Athas Capital Group say they have decided to bow out of the lending industry like gentlemen. The direct lender announced last week that it plans to close. As a result, the closing will affect more than 200 employees. …

By Steve
2 min read

Shrinking loanDepot Takes A $137.5M Hit In 3rd Quarter

Shrinking loanDepot Takes A $137.5M Hit In 3rd Quarter Due To Originations Declining To $9.8 Billion In Third Quarter A sever shrinking loanDepot posted it’s third-quarter earnings. The numbers show the company’s struggles are far from over.  loanDepot reported its second consecutive quarterly loss in large part to plummeting mortgage production. The company says it expects production…

By Steve
2 min read

Finance Of America Posted 4th Straight Quarterly Loss

Finance Of America Posted It’s 4th Straight Quarterly Loss. Is The Slowly Imploding Finance of America Going The Way Of The Dinosaurs?  Finance of America posted its fourth consecutive quarterly loss on Wednesday.  The company had already announced it was working toward closing its forward mortgage origination business. Finance of America posted a net loss…

By Steve
2 min read

New American Funding Lays Off 240 Employees

Broker Solutions Incorporated Doing Business as New American Funding Lays Off 240 Employees California-based New American Funding (NAF) said Tuesday it has reduced its workforce by about 240 positions this week. It had previously laid off employees in August. Broker Solutions Incorporated doing business as New American Funding is a family-owned company. Broker Solutions started…

By Steve
2 min read

American Homeowners Lost $1.3 Trillion In Equity

American Homeowners Lost $1.3 Trillion In Equity In Their Homes In The 3rd Quarter Of 2022 American Homeowners saw their home values peak in the second quarter of this year. Unfortunately, it was short lived. American homeowners lost nearly $1.3 Trillion in equity from July through September. The value contraction is a record according to…

By Steve
2 min read

Athas Capital Group To Shut Their Doors

Athas Capital Group Wants To Bow Out Of Lending Like Gentlemen And Immediately Wind Down Their Operations Athas Capital Group say they have decided to bow out of the lending industry like gentlemen. The direct lender announced last week that it plans to close. As a result, the closing will affect more than 200 employees. …

By Steve
2 min read