All Posts By Steve
loanDepot Is Reporting A 6th Consecutive Quarterly Loss
loanDepot Is Reporting A 6th Consecutive Quarterly Loss. Company Had A $26 Million Loss In Q3. Will loanDepot Survive 2024? SEC filings show loanDepot is reporting its sixth consecutive quarterly loss in the third quarter of 2023. The company said total revenue declined as a result of lower origination volume. However, they have made inroads with…
Compass Cuts Losses In 3rd Quarter
Surprise! Surprise! Compass Continues Managed To Cut Losses In 3rd Quarter. Company Also Says They Will Not Be Affected By Ruling In The Sitzer/Burnett Case Compass executives were positively surprised in the third quarter of 2023. The company lost money again. However, the company grew by 26 basis points year over year. This was an…
RE/MAX Executives Have No Regrets Over $55Million Settlements
RE/MAX Executives Have No Regrets Over $55M Lawsuit Settlement. Company Executives Say Ruling Will Have Little Impact On Their Business The earth shattering ruling against real estate industry last week is still sending shockwaves through the industry. A Missouri jury ordered the NAR and several large residential brokerages to reimburse homeowners $1.8 billion to $5 billion…
New Jersey Father And Son Duo Indicted For Mortgage Fraud
A New Jersey Father And Son Duo Are Indicted For $2.5 million Mortgage Fraud Scheme A New Jersey grand jury indicted a New Jersey father and son duo from Bergen County for mortgage fraud. The New Jersey AG alleges the pair defrauded investors and mortgage lenders of more than $2.5 million in the Jersey Shore….
Romspen Is Scamming Grandma and Grandpa
Romspen Is Scamming Grandma And Grandpa Out Of Their Pension. Retirees Have Christened Them, “Rob ‘Em And Spend” Canadian commercial lender Romspen is on track to be a major black eye for the Canadian financial sector and could face insolvency in the near future. Why? Romspen is scamming grandma and grandpa out of their pension….
Mr. Cooper Was Forced Into Lockdown By Halloween Cyberattack
Mr. Cooper Was Forced Into Lockdown By Halloween Cyberattack. Hackers May Have Compromised Customer Files A cyber attack has forced Texas-based lender and servicer Mr. Cooper into lockdown last week. The company says the cybersecurity incident happened on Halloween. As a result, the company was forced to lock down certain technology systems. Mr. Cooper also issued…
Homestar Financial Throws In The Towel
And Another One Bites The Dust! Homestar Financial Shuts Down Amidst Mortgage Volatility Georgia based Homestar Financial announced this week that it is shutting down. The company blames rising mortgage rates and massive volume decrease. Additionally, they are also blaming the market compression for the closure. A Homestar Financial LO posted on Facebook: Please pray…
Bank of America Mortgage Production Plummets 6% in Q3
Bank of America Mortgage Production Plummets Faster Than Contestants On A Japanese Game Show More bad news in the world of lending. As Bank of America mortgage production plummeted 6% for the 3rd quarter of 2023. This includes both mortgage and home equity production compared to the previous quarter. BofA is saying more declines are…
Mortgage Applications Plunge To A 28-Year Low
Mortgage Lenders And Brokers Are Feeling The Pain As Mortgage Applications Plunge To A 28-Year Low Mortgage applications plunge to 1995 levels. The Mortgage Bankers Association says that lenders and brokers have witnessed a significant decline of 6.9% from the previous week. This is worst week for originations since 1995. The MBA’s Market Composite Index…
Romspen Just Got Spanked By The Florida 3rd DCA
Romspen Just Got Spanked By The 3rd DCA In Weiss Fraud Case. This Is Going To Hurt The Canadian Lender In More Ways Than One! Yes, you read that right. Romspen just got spanked hard by the Florida 3rd DCA in Miami in the Caroline Weiss fraud case. Now, Romspen and their investors are out…