All Posts By Steve
Queens Leads New York In Foreclosures
Queens Leads New York In Mortgage Foreclosures As New York Feels The Pinch Of High Interest Rates And Plummeting Values A PropertyShark report has revealed Queens leads New York in foreclosures again. Foreclosures in the borough have increased 55% compared to the same time as the third 2019 figures. PropertyShark found that foreclosures are up…
Rocket Mortgage Is Struggling Being Competitive And Relevant
Rocket Mortgage Is Struggling To Remain Competitive And Relevant In A Changing Lending Landscape Without Dan Gilbert At The Helm Rocket Mortgage is struggling for the first time in it’s history. The company is struggling not only to remain competitive but relevant. This is due to two factors. The first is founder and owner Dan…
Pending Home Sales Are Down 31% From Last Year
Pending Home Sales Are Down 31% From Last Year. Economists Go Into Panic Mode As Sales Are Worse Than They Predicted The National Association of Realtors says pending home sales continued to plummet in September. Market indicators show a 10.2% month-over-month decline that resulted in an index reading of 79.5. This is the fourth consecutive…
American Advisors Group Does Another Round Of Layoffs
American Advisors Group Does Another Round Of Layoffs For The Third Consecutive Time This Year Multiple sources are reporting that American Advisors Group has cut its workforce for a third consecutive time this year. The full extent of the latest layoff round was unclear. Some sources claim that cuts were made in retail origination and…
Pennymac Financial Services Imposes A New Round Of Layoffs
Pennymac Financial Services Imposes A New Round Of Layoffs Includes Specialists And Vice President Job Positions Pennymac Financial Services imposed a new round of layoffs to its employees this week. This is ahead of its third-quarter earnings report on Thursday. The California based company had several rounds of layoffs this year. This includes 236 employees in…
Novad Management In Gambit To Keep HECM Contract With HUD
Novad Management Consulting Files Protest In Desperate Gambit To Keep HECM Contract With HUD Novad Management Consulting has held HUD’s HECM Assets contract since 2014. Unfortunately for them, Celink was awarded the contract to provide servicing for HECM loans earlier this year. However, Novad has filed a protest against the award of Compu-Link Corporation (Celink)…
Finance Of America Mortgage To Shut Down
Finance of America Companies Pulls The Plug On Finance Of America Mortgage After Being Unable To Sell Its Forward Mortgage Unit Finance of America Companies has decided to shut down Finance of America Mortgage. The board of directors made the decision following the demise of a deal to sell its retail mortgage division. The company…
Clear Capital Is Cutting 27 Percent Of Its Workforce
Clear Capital Is Terminating 378 Employees Including 108 In California By Christmas. This Equals 27% Of Its Workforce Techcrunch.com is reporting Nevada based Clear Capital is cutting 27% of its workforce. Clear Capital is one of the biggest real estate valuation and technology firm in the US. The company is also including 108 employees in…
Bank of America Mortgage Production Plummets 40 Percent
Bank of America Mortgage Production Plummeted From $14.5 Billion In The 2nd Quarter To $8.7 billion In 3rd Quarter Bank of America mortgage production plummeted to $8.7 billion in the 3rd quarter. However, it was not all bad news. The bank delivered increases in revenues and net income in the third quarter of 2022. This…
JPMorgan Chase 3rd Quarter Profits Plummet 17%
JPMorgan Chase 3rd Quarter Profits Plummet 17% But They Still Beat Analysts Expectations JPMorgan Chase 3rd quarter earnings report is full of a mixed news. The bad news is that the bank’s profits plummeted by 17%. Yet, the report indicated the bank faired better than analysts expectations even as its net income fell. The JPMorgan…