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:…
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…
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 …
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…
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…