All Posts By Steve
AnnieMac Announces It Has Stopped Funding Wholesale Loans
AnnieMac Announced It Has Stopped Accepting Wholesale Loans As Of 5pm On September 27, 2022 American Neighborhood Mortgage Acceptance Co. LLC (AnnieMac) has joined the exodus of mortgage lenders exiting the wholesale mortgage market. AnnieMac also said all new loan submissions after 5 pm on September 27th would be denied. In addition, the company said…
Finance of America Plans To Exit Wholesale Lending & Sell Retail Division
Finance of America Plans To Exit Wholesale Lending And Sell Retail Division. Company Will Focus On Reverse Mortgages And Home Improvement Loans. Housingwire is reporting Finance of America (FoA) plans to sell its retail mortgage division. They are also reporting FoA is shutting down its forward wholesale channel. Former top executives and business partners claim…
Norcom President Tells LOs To Push Loans On Hurricane Victims
Norcom President Phil DeFronzo Told LOs To Push Disaster Loans To Florida Homeowners As Hurricane Ian Began Pummeling The State Norcom President Phil DeFronzo sent out a companywide email to managers and LOs on Wednesday afternoon. But this was no ordinary email. The email told employees to push FHA 203H disaster loans on victims of…
Santander Withdraws From Mortgage Lending For New Customers
Santander Withdraws From Mortgage Lending For New Customers. Lenders Pull 300 Deals In 24 hours Santander became the latest high street bank to withdraw mortgage products for new customers. As a result, lenders pull nearly 300 mortgage deals in the past 24 hours by banks and building groups. Nationwide Building Society also increased the interest…
BayFirst National Bank Withdraws From Residential Lending
Florida Based BayFirst National Bank Attributes Shutdown To Uncertain Outlook And Declining Mortgage Volume Florida based BayFirst National Bank has shut down its residential mortgage business. As a result, the bank has laid off staffers. The BayFirst Financial Corporation announced that its board of directors started the process last week. The bank plans on closing…
The Goldman Sachs Slaughter Begins!
The Goldman Sachs Slaughter Begins. Bank Fires Employees At All Levels After Dishing Out Bonuses And Hiking Salaries During Pandemic The Goldman Sachs mass slaughter has begun! The bank has launched a wave of mass layoffs of workers across the US. 18 months ago the bank was dishing out cushy bonuses and high salaries during…
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…
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…
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:…