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
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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
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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
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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
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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
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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
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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.
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Redfin Announced Wednesday It Is Laying Off 862 Employees. This Is 13% Of Its Staff. They Also Stated They Are Getting Out Of The iBuying Business. Redfin CEO Glenn Kelman wrote in an email to employees that the company is “laying off 862 brilliant, loyal people.”
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Shrinking loanDepot Takes A $137.5M Hit In 3rd Quarter Due To Originations Declining To $9.8 Billion In Third Quarter A sever shrinking loanDepot posted it’s third-quarter earnings. The numbers show the company’s struggles are far from over. loanDepot reported its second consecutive quarterly loss in large part to
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Finance Of America Posted It’s 4th Straight Quarterly Loss. Is The Slowly Imploding Finance of America Going The Way Of The Dinosaurs? Finance of America posted its fourth consecutive quarterly loss on Wednesday. The company had already announced it was working toward closing its forward mortgage
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