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Flagstar Bank Pulls Plug On Retail Mortgage Lending

Flagstar Bank Pulls Plug On Retail Mortgage Lending. The Michigan-Based Bank Lays Off Hundreds Of Employees Flagstar Bank employees posted on social media that the bank has pulled the plug on mortgage lending. The bank also fired or laid off hundreds of employees. Flagstar’s move comes nearly two months after receiving the Fed approved a…

By Steve
2 min read

Is Dan Gilbert Putting Rocket Mortgage On The Auction Block?

Is Dan Gilbert Planning On Selling Rocket Mortgage Amid Plummeting Originations, Layoffs And Talks Of “Industry Consolidations”? There is no doubt that the past year was horrible for Dan Gilbert and Rocket Mortgage. The company saw profits plummet faster than contestants on a Japanese game show. Seriously, Rocket Mortgage has seen their profits plummet 90%…

By Steve
3 min read

Is Rocket Mortgage CFO Brian Brown Blowing Smoke?

Is Rocket Mortgage CFO Brian Brown Blowing Smoke To Make Rocket Mortgage Look More Profitable Than It Is? Rocket Mortgage CFO Brian Brown says first-time homebuyers will drive the housing market in 2023.  Brown made his prediction during a one-on-one conversation with Fitch Ratings Director Shampa Bhattacharya. Brown speculated that first-time home buyers will drive…

By Steve
2 min read

Did Accused Fraudster Michael Strauss Start A New Company?

Did Accused Fraudster Michael Strauss Start A Mortgage Company After Abruptly Shutting Down Sprout Mortgage? Did accused fraudster Michael Strauss start a new mortgage company? It appears he has and former Sprout Mortgage employees are pissed. Strauss abruptly shut down Sprout Mortgage in early July. He stiffed his employees out of their last paychecks. Sprout also…

By Steve
3 min read

Finance of America Companies Expected To Acquire Assets of AAG

Finance of America Companies Expected To Close On The Acquisition Of AAG In The First Half of 2023 Finance of America Companies expected to wrap up acquiring the assets of HECM competitor, AAG in the first half of 2023. FOA officials said the transaction underscores its commitment to strong growth and demographic tailwinds. AAG officials…

By Steve
2 min read

Reverse Mortgage Funding LLC Is Dead

Reverse Mortgage Funding LLC Files Bankruptcy Fires 90% Of Staff It’s the final curtain for Reverse Mortgage Funding LLC aka RMF. The NJ-based reverse mortgage abruptly halted all funding shortly after Thanksgiving. then, last week they filed for bankruptcy protection. The group has further petitioned the bankruptcy court to allow it to make some minor…

Reverse Mortgage Funding LLC Pauses Originations

Reverse Mortgage Funding LLC Pauses Originations. It Tells Partners It Won’t Fund Loans That Haven’t Already Closed Reverse Mortgage Funding LLC (RMF) has halted all of its origination activities Monday.  The New Jersey based lender sent a letter addressed to its partners states that, “all loans that have not closed will no longer be processed.”…

By Steve
2 min read

Independent Mortgage Banks See Losses Skyrocket By 800%

MBA Says Independent Mortgage Banks Saw Losses Increase By 800%. Report Says Loan Servicing Is The Only Thing Keeping IMBs Alive The loan losses continue to grow for independent mortgage banks aka IMBs. The Mortgage Bankers Association (MBA) is out with new numbers and they are not good. The report shows IMBs reported a net…

By Steve
3 min read

Impac Mortgage Holdings Fires 47 Percent Of It’s Employees

Impac Mortgage Holdings Fires 47% Of Its Employees After Posting $13 Million Loss In 3rd Quarter Of 2022 Impac Mortgage Holdings had a $13 million loss in the third quarter of 2022. This is leading leadership to adopt a defensive posture. They need to try and navigate one of the most challenging markets in decades….

By Steve
2 min read

Angel Oak Selling Its Retail Lending Business

Angel Oak Home Loans Selling Brick-And-Mortar Locations Along With Staff To Cross Country Mortgage. Angel Oak Home Loans said Thursday it will exit its brick-and-mortar retail lending business. The Atlanta-based lender said it is selling its retail lending business to a buyer it declined to disclose. It also did not disclose the financial terms of…

By Steve
2 min read