All Posts By Steve
Bank of America Reports Double-Digit Drop In Mortgages
Bank of America Reports Mortgage Originations Are Down 11.5% In Second Quarter Bank of America reports that customers haven’t slowed down their activities despite a fear of a recession. In addition. Bank of America reported that deposits have grown to a record level above $1 trillion. The bank also says consumer spending is increasing for…
Mortgage Originations Continue To Free Fall At JPMorgan Chase
JP Morgan Chase Executives Panic As Mortgage Originations Continue to Free Fall JPMorgan Chase leaders continue to panic as mortgage originations continue their free fall. It’s not pretty for JPMorgan Chase as mortgage originations continue to free fall. This is after the bank laid off hundreds of mortgage employees. Chase reported double digit declines in…
Lender Implode 2.0
Lender Implode 2.0 – The Latest List Of Lender Implosions And Layoffs. This List Is Updated Daily! Lender Implode 2.0 tracks the mortgage lenders who have imploded or are showing the signs of imploding. The list also contains the companies that have had mass layoffs or imploded into bankruptcy. The list will be updated as…
Fix-And-Flip Lender Kiavi Lays Off 7% Of It’s Employees
The Fix-And-Flip Lender Eliminated 39 Positions To Ensure It Can Survive Through 2023 Fix-And-Flip lender Kiavi has laid off 7% of it’s employees. Kiavi specializes in fix-and-flip and investor loans. An email sent to employees on Wednesday morning said Kiavi wanted to, “reduce our cost structure and protect the financial health of the company.” Kiavi’s…
Home Buyers Are Abandoning Purchase Deals
Home Buyers Are Abandoning Purchase Deals In Record Numbers Thanks To Economic Uncertainty Americans home buyers are canceling deals to buy homes at record numbers. Redfin is reporting that 15% of all existing homes under contract were canceled. That is the highest share since early 2020. That beats 2021 when only 11% 0f purchase transactions…
PennyMac Tries To Stop Mass Exodus Of Customers
PennyMac Tries To Stop Mass Exodus Of Customers By Offering 90 Day Rate Locks PennyMac has launched a product that will freeze mortgage rates for as long as 90 days. The California based lender is hoping to attract attract and retain customers in a volatile economy. PennyMac has dubbed the program “Lock & Shop.” The…
Struggling LoanDepot Will Cut Nearly 5,000 Jobs In 2022
Struggling LoanDepot Will Cut Nearly 5,000 Jobs In 2022 As Part Of A Restructuring Plan Struggling LoanDepot is the latest lender to announce layoffs. The company is preparing to lay off the largest number of employees in the mortgage industry this year. The company is eliminating 4,800 jobs over the course of 2022. LoanDepot is…
New FHA Guidelines To Ignore COVID-Era Employment Lapses
Lenders Have Until September 5th To Comply With New FHA Guidelines Ignoring COVID-Era Employment Lapses New FHA guidelines loosen the requirements to qualify for a loan if they lost work during the pandemic. Beginning September 5th, lenders are to ignore job gaps during the Covid-19 pandemic. The Federal Housing Administration (FHA) announced new flexibility for…
Sprout Mortgage To Shut Their Doors
Sprout Mortgage Is The Latest Lender To Implode Due To Current Economic Conditions Sprout Mortgage is shutting its doors according to multiple employees. The company informed employees on Wednesday. The company informed the more than 300 workers of the shut down in a conference call on Wednesday. Sprout had already instituted several rounds of job…
Desperate Fannie And Freddie Accepting On-Time Rent As Credit
Desperate Fannie And Freddie Are Accepting On-Time Rent As Credit In New Underwriting Guidelines Fannie Mae and Freddie Mac are expecting to see a drop in revenue with the pending recession. As a result, a desperate Fannie and Freddie are resorting to a new tactic to get people qualified for mortgages. The GSEs are using…