Former Compass Insider Says That More Secret Compass Layoffs Are Coming Before The End Of The 3rd Quarter A few days ago, Zoe Rosenberg of Business Insider sat down with a former insider at Compass. The former employee told her that more secret Compass layoffs are
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Fannie Mae Predicts Dark Days Ahead As They Predict Home Sales To Drop 16.2% By The End Of The Year Fannie Mae predicts things will get worse for the housing market and mortgage industry before it gets better. A group of economists at Fannie Mae slashed
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Homebuyers Are Canceling Deals At A Record Pace Due To Housing Affordability Issues Home buyers are canceling sales at record pace. Prospective homebuyers are grappling with affordability issues. However, a Redfin report states the shifting market conditions are allowing buyers to increase their bargaining power. Roughly
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Reverse Mortgage Lender American Advisors Group Also Known As AAG Does Another Round Of Mass Layoffs Last Week Industry-leading reverse mortgage lender American Advisors Group aka AAG instituted a round of layoffs this week. This is the second round of mass layoffs since June. Unfortunately, AAG
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Wells Fargo Pulls The Plug On Mortgage Lending. The Bank Blames The Economy For The Move There is no other way to put it, Wells Fargo plans to severely shrink its vast mortgage empire. Employees say Wells Fargo plans to exit the mortgage entirely. The bank
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Impac Mortgage Reports $13.5 Million Loss In Second Quarter. Company Blames Lack OF Housing Inventory Another mortgage lender is reporting taking a hit in their profit margins. Add Impac Mortgage Holdings to the list of mortgage lenders that posted a loss in the second quarter of 2022, As
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Increasing Profit Margins Is The Goal Says Homepoint Management. Company Says They Are Not Afraid To Downsize Permanently Homepoint took a $44 Million loss in the second quarter of 2022. The company had already reduced costs and sold the mortgage servicing rights for loans in their
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LoanDepot Is Closing It’s Wholesale Channel After Losing $232 Million In The Second Quarter California-based LoanDepot is closing its wholesale division amid plummeting origination volumes. The company is also seeing a widening of it’s financial losses in the second quarter. The decision to close the channel also
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United Wholesale Mortgage Bucks Industry Trend By Posting 55% Increase In Net Income In Second Quarter United Wholesale Mortgage Holdings on Tuesday posted a net income of $215.4 million in the second quarter. This is a 55% increase from 2021. The suburban Detroit lender also posted
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Former Employees Express Shock On Social Media As Open Mortgage Performs Another Round Of Mass Lay Offs Another round of mass layoffs has struck employees at Open Mortgage. The Austin, Texas based lender did a previous round of layoffs in June. Open Mortgage Founder and CEO
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