All Posts By Steve
Wells Fargo 3rd Quarter Earnings Take A $2 Billion Hit
Legal Issues And falling Mortgage Originations Cause Wells Fargo 3rd Quarter Earnings Take A $2 Billion Hit Wells Fargo 3rd quarter earnings continued to take a hit from its legal problems. The slowing housing market also didn’t help. On Friday, the nation’s third-largest bank reported net income of $3.53 billion. This is 85 cents per diluted…
Home Flippers See Fortunes Plummet As Mortgage Rates Jump
Home Flippers See Homes Turn Into Money Pits As Interest Rates Skyrocket And Housing Market Plummets Home flippers have gone into panic mode. Why? They are the latest victims of rising mortgage rates. As result, they have seen their anticipated profits vanish. Home flippers were raking in the dough just months ago. However, they have…
Summit Funding To Cut 72 Staff Members
Summit Funding Plans On Laying Off 36 Corporate Employees In Sacramento And 36 Remote Workers On November 23rd Summit Funding plans to make a round of layoffs in late November that will affect 72 employees. The California-based company wrote in it’s WARN filing: “With the demand for mortgage services falling to its lowest level in…
Angel Oak Home Loans Eliminates 15% Of It’s Retail Employees
Angel Oak Home Loans Sent Pink Slips To 57 Employees On Friday After Sister Company Laid Off 75 Employees Two Weeks Ago Angel Oak Companies instituted 57 layoffs at its retail mortgage company, Angel Oak Home Loans on Friday. Two weeks ago, the company cut 75 people from it’s workforce in its wholesale and correspondent…
loanDepot Brass Get Big Payday While Employees Lose 401(k)
loanDepot Brass Are Getting A Big Pay Raises While Employees Lose 401(k)s. Are Company Executives Cashing Out Before The Company Implodes? It looks like the loanDepot brass are cashing in and sticking it to employees. In an email last week, CEO Frank Martell reminded staffers that in times like these, there are “no easy answers.”…
Keller Mortgage Does Another Round Of Layoffs
Keller Mortgage Does Another Round Of Mass Layoffs. Is The Mortgage Affiliate Of Keller Williams In Trouble? Keller Mortgage conducted its second round of layoffs in 2022. Th company says the cuts were a result of ‘macroeconomic’ conditions. The Ohio-based lender is an affiliate of real-estate franchiser Keller Williams Keller Williams spokesman Darryl Frost confirmed that…
Mortgage Applications Hit 25-Year Low
Mortgage Applications Hit A 25-Year Low. As A Result, The Market Composite Index fell 14.2% to the slowest pace since 1997. Mortgage as plummeted by 14.2% last week from the week before. The Mortgage Bankers Association (MBA) said this is the slowest pace in 25 years. It was also the seventh decline in the past…
Is loanDepot Slowly Imploding?
Industry Insiders Ask, “Is loanDepot Slowly Imploding?” loanDepot Reduces Funding Capacity By $500M For The Second Time In Two Months Is loanDepot slowly imploding? It certainly looks that way and it appears management is trying to control the coming implosion. For the second time in two months, loanDepot is reducing its funding capacity by $500…
Average Home Prices Are Plummeting Like It’s 2009
Average Home Prices Are Now Plummeting. Prices Are Posting The Biggest Monthly Declines Since The 2008 Financial Crisis Black Knight is reporting that home prices are now posting the biggest monthly declines since the 2008 financial crisis. Median home prices in August fell 0.98%, only slightly better than July’s 1.05% monthly decline. The average home…
Angel Oak Mortgage Solutions Cuts 20% Of Staff
Like Non-QM Lenders, Angel Oak Mortgage Solutions Are Struggling To Sell Loans On The Secondary Market Angel Oak Mortgage Solutions is the latest player to cut a sizable chunk of its workforce amidst widespread market volatility. The company issued pink slips to 75 employees last week. This is about 20% of its workforce. The company…