The Majestic Home Loan Legacy Issue That Caused It’s Collapse Was Due To Late Owner’s Inexperienced Son When Majestic Home Loan has abruptly closed last month the company was pretty tight lipped about the cause. All the company said was it was a legacy issue. What
Read MoreJay Farner Out As Rocket Companies CEO As Rumors Grow Louder Of Dan Gilbert Wanting To Sell The Company Rocket Companies CEO Jay Farner is leaving Rocket on June 1st. However, the company says his departure is not because of any dispute with the board of
Read MoreCalifornia Based Wholesale Lender Majestic Home Loan Reportedly Shut Their Doors On January 31st. Posts on social media say RMK Financial who does business as Majestic Home Loan has abruptly closed. Former AEs say the wholesale mortgage lender had to close their business due to a
Read MoreNorthpointe Bank Joins The Exodus Of Lenders Leaving Wholesale Lending And Correspondent Lending Northpointe Bank announced that it is exiting correspondent lending. The bank announced today that the last day to lock or relock a loan is on February 17, 2023, by 5:00 ET. Northpointe also
Read MoreNew York Community Bank Says It Will Eliminate 69% Of It’s Mortgage Lending Offices After Merger With Flagstar Bank New York Community Bank announced Tuesday it is “restructuring” its mortgage operations. Insiders translate that as the bank closing over two-thirds of it’s mortgage lending offices. The
Read MoreFirst Internet Bank Decides To Close It’s Consumer Mortgage Business After Facing Steep Declines In Origination Volume First Internet Bank is shutting down its consumer mortgage business. The Indiana based lender claims its due to a steep decline in mortgage volumes. The company also said the negative outlook
Read MoreFlagstar 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
Read MoreIs 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.
Read MoreIs 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
Read MoreDid 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
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