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Mortgage Applications Hit 25-Year Low

Mortgage Applications Hit A 25-Year Low. As A Result, The Market Composite Index fell 14.2% to the slowest pace since 1997. Mortgage as plummeted by 14.2% last week from the week before. The Mortgage Bankers Association (MBA) said this is the slowest pace in 25 years.  It was also the seventh decline in the past…

By Musashi
2 min read

Is loanDepot Slowly Imploding?

Industry Insiders Ask, “Is loanDepot Slowly Imploding?” loanDepot Reduces Funding Capacity By $500M For The Second Time In Two Months Is loanDepot slowly  imploding? It certainly looks that way and it appears management is trying to control the coming implosion. For the second time in two months, loanDepot is reducing its funding capacity by $500…

By Musashi
2 min read

Average Home Prices Are Plummeting Like It’s 2009

Average Home Prices Are Now Plummeting. Prices Are Posting The Biggest Monthly Declines Since The 2008 Financial Crisis Black Knight is reporting that home prices are now posting the biggest monthly declines since the 2008 financial crisis.  Median home prices in August fell 0.98%, only slightly better than July’s 1.05% monthly decline. The average home…

By Musashi
2 min read

Angel Oak Mortgage Solutions Cuts 20% Of Staff

Like Non-QM Lenders, Angel Oak Mortgage Solutions Are Struggling To Sell Loans On The Secondary Market Angel Oak Mortgage Solutions is the latest player to cut a sizable chunk of its workforce amidst widespread market volatility. The company issued pink slips to 75 employees last week. This is about 20% of its workforce. The company…

By Musashi
2 min read

AnnieMac Announces It Has Stopped Funding Wholesale Loans

AnnieMac Announced It Has Stopped Accepting Wholesale Loans As Of 5pm On September 27, 2022 American Neighborhood Mortgage Acceptance Co. LLC (AnnieMac) has joined the exodus of mortgage lenders exiting the wholesale mortgage market.  AnnieMac also said all new loan submissions after 5 pm on September 27th would be denied. In addition, the company said…

By Musashi
2 min read

Finance of America Plans To Exit Wholesale Lending & Sell Retail Division

Finance of America Plans To Exit Wholesale Lending And Sell Retail Division. Company Will Focus On Reverse Mortgages And Home Improvement Loans. Housingwire is reporting Finance of America (FoA) plans to sell its retail mortgage division. They are also reporting FoA is shutting down its forward wholesale channel. Former top executives and business partners claim…

By Musashi
2 min read

Norcom President Tells LOs To Push Loans On Hurricane Victims

Norcom President Phil DeFronzo Told LOs To Push Disaster Loans To Florida Homeowners As Hurricane Ian Began Pummeling The State Norcom President Phil DeFronzo sent out a companywide email to managers and LOs on Wednesday afternoon. But this was no ordinary email. The email told employees to push FHA 203H disaster loans on victims of…

By Musashi
2 min read

Santander Withdraws From Mortgage Lending For New Customers

Santander Withdraws From Mortgage Lending For New Customers. Lenders Pull 300 Deals In 24 hours Santander became the latest high street bank to withdraw mortgage products for new customers. As a result, lenders pull nearly 300 mortgage deals in the past 24 hours by banks and building groups. Nationwide Building Society also increased the interest…

By Musashi
2 min read

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…

By Musashi
2 min read

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…

By Musashi
3 min read