All Posts By Steve

Caliber Home Loans Lays Off 300+ LOs And Senior Managers

Caliber Home Loans Lay Offs Last Week Affected 300+ Loan Officers And Senior Managers Rithm Capital, the new owners of Caliber Home Loans, issued pink slips to 300+ employees earlier this week. The company claimed that soaring mortgage interest rates and lower origination volumes were the reason. The lender has made at least four rounds…

By Steve
2 min read

New York Mortgage Brokers Hate New York And Want To Leave

NYS Bureaucracy And Delays Are Making New York Mortgage Brokers Desperate To Escape From New York Lenders are bypassing New York to set up offices. The reason is because of NYS’ overly burdensome bureaucracy. In addition, existing New York mortgage brokers are desperate to escape the Empire state. U.S. Mortgage Corporation Founder and CEO Steven…

By Steve
2 min read

Rocket Mortgage Management Tries To Sabotage An RE Closing

Rocket Mortgage Management Bullied An Employee And Tries To Sabotage His Real Estate Closing By Refusing To Give His Lender A Verification Of Employment For years I have written about the cattiness and cult like mentality of Rocket Mortgage management on MFI-Miami. But this recent incident is just over the top. Management bullied an employee….

By Steve
3 min read

Point Mortgage Exits Wholesale Lending

Point Mortgage Joins The Mass Exodus Of Lenders Exiting Wholesale Lending. Company Says It’s Only Temporary Point Mortgage is joining other lenders in a mass exodus out of wholesale lending. The company has decided to shut down its wholesale business GoPointDirect and lay off employees to focus on retail lending. CEO Johnny Margarini told Housingwire:…

By Steve
2 min read

Mortgage Loan Originations Down 57%

Mortgage Loan Originations Down 57% Since Beginning Of The Year. Rate Locks Fell 8.9% In August Black Knight Inc. says mortgage loan originations fell by 57% since the beginning of the year and in August, they fell to a four-year low. Originations also fell nearly 9% from July. The mortgage data provider released its Optimal…

By Steve
2 min read

NEXA Mortgage Quits AIME. Mike Kortas Claims He’s Being Bullied

NEXA Mortgage CEO Claims AIME Allowed Renegade Gangs Of Smaller Mortgage Broker To Bully Him On The Internet The CEO of NEXA Mortgage has pulled his company out of the Association of Independent Mortgage Experts (AIME). CEO Mike Kortas claims the association has allowed renegade gangs of brokers to “terrorize” him on the internet. NEXA …

By Steve
4 min read

Citimortgage Does Another Round Of Layoffs

Citibank Defends Further Staffing Reductions At Citimortgage.  Citibank has cut staffing levels at Citimortgage for the third time in 9 months. Citi claims letting go of the 100 employees was to “streamline internal functions.”  However, it probably has more to do with surging rates and a reorganization of its operations.  Citibank claims it is working…

By Steve
2 min read

Homepoint Has Finally Admitted It Has Shed 75% Of It’s Workforce

Homepoint Has Finally Admitted That It Shed Over 3,000 Employees.  Homepoint has finally admitted that it has shrunk its workforce. The company says it’s workforce of 4,000 workers in summer of 2021 down to 1,000. The wholesale lender laid off 913 employees according to WARN notices filed in Arizona, Florida, Michigan and Texas. Homepoint has…

By Steve
2 min read

Realtor.com Starts Employee Layoffs Ahead Of Market Downturn

News Corp. Begins Employee Layoffs At Realtor.com In Preparation For A Downturn In The Market  News Corp’s Realtor.com has become the latest real estate company to downsize.  A Realtor.com spokesperson declined to share specifics of the layoffs. They also refused to say how many employees and contractors were impacted. However, the company said they are…

By Steve
2 min read

Freedom Mortgage Conducts Layoffs And Sends Jobs To India

Freedom Mortgage Has Conducted Their Fifth Round Of Mass Layoffs This Year And Are Outsourcing Underwriting Jobs To India Freedom Mortgage has trimmed its workforce with fourth round of layoffs this year. The company is also continuing to outsource underwriting and loan closing jobs to India. Freedom Mortgage has been a victim of falling origination…

By Steve
2 min read