Lending News
Lender Meltdown brings you banking and mortgage lending news from the US and the world! We focus on mortgage lending news and insight from the US and from around the world. Information you need to know before making financing your next home or real estate transaction. We bring you news and information from industry insiders and sources that the mainstream financial media doesn't. Lender Meltdown also has boots on the ground. These "boots on the ground" give us daily and weekly updates of what is going in the field. Our contributors have decades of experience in lending and real estate. That experience gives us the advantage of being able to give information in plain English without all the industry technobabble and industry jargon.
Dan Gilbert Insider Trading Accusations Rattle Rocket Mortgage
Accusations Of Dan Gilbert Insider Trading Rattle Rocket Mortgage. Recent Court Ruling Is Sending Senior Executives Into A Frenzy A federal judge in Detroit has green-lighted the continuation of a class action lawsuit against Rocket Companies, Rocket Holdings, Inc., chairman Dan Gilbert and Rocket CEO Jay Farner. The suit revolves around accusations of Dan Gilbert…
CFPB Opinion Says Google May Be Violating Section 8 Of RESPA
CFPB Opinion Says Lenders Using Google Ads May Be In Violation Section 8 Of RESPA For Fee Splitting The CFPB has issued an opinion about mortgage comparison site platforms. The agency says these sites could be violating the Real Estate Settlement Procedures Act (RESPA) section 8. The CFPB points out that mortgage comparison sites are…
Trigger Leads Ban Supported By NAMB
NAMB And Other Trade Groups Support Amending The FCRA To Ban Credit Bureaus From Selling Trigger Leads The National Association of Mortgage Brokers (NAMB) has announced it support legislation that would ban trigger leads. The NAMB is a trade group that represents the interests of individual mortgage loan originators and small to midsize mortgage businesses. HR…
Is The UWM Corporate Headquarters A Hostile Work Environment?
Is The UWM Corporate Headquarters A Hostile Work Environment? Bloomberg Reports That It Does. However, UWM Disputes The Claims Is the UWM corporate headquarters a hostile work environment? A scathing story published Wednesday by Bloomberg claims it does. The story depicts United Wholesale Mortgage Holdings Corp.’s workplace culture as hostile. The report is ripe with…
FDIC To Gradually Auction $114B In MBS Seized From Failed Banks
FDIC To Gradually Auction $114B In MBS Seized From Failed Signature Bank and Silicon Valley Bank The FDIC has decided to sell a portfolio of $114 billion in mortgage-backed securities (MBS). The FDIC seized control of the MBS portfolios after taking control of Signature Bank and Silicon Valley Bank. The face values of SVB’s portfolio is approximately…
Rate Lock Volume Jumps 43 Percent
Rate Sensitive Borrowers Are Causing Rate Lock Volume To Jump 43%. Are Borrowers About To Go Into Panic Mode? Rate lock volume jumped 43% in March. Some experts say this is due to market conditions. Lock volumes increased across the board. This was led by purchase locks jumping 44% in March. This was above the…
loanDepot Budget Cuts Aren’t Stopping Hemorrhaging Losses
loanDepot Budget Cuts Aren’t Stopping Hemorrhaging Losses As Company Sees 38% Loss In Revenue For 4th Quarter loanDepot budget cuts and significant expense reductions don’t seem to be working. The lender keeps lost money even after exiting the wholesale channel and cutting thousands of jobs. loanDepot reported heavy losses for both the fourth quarter of…
Impac Mortgage Holdings Is Going Broker
Impac Mortgage Holdings Is Going Broker. Company Says Desperate Times Require Drastic Changes Starting With Winding Down It’s TPO Channel Impac Mortgage Holdings is going broker. The company announced major changes Wednesday. It said it was converting to a mortgage broker model. In addition, Impac announcing plans to “wind down” its third-party origination channel. It…
United Wholesale Mortgage Has Cut 30 Percent Of Its Staff
United Wholesale Mortgage has reduced its staff by 2,600 since 2021. This 30% Of It’s Staff Since January 2021, United Wholesale Mortgage has let go of 2,600 employees. The company has gone from 8,600 employees to 6,000. This contradicts CEO Mat Ishbia that UWM hasn’t laid anyone off. Ishbia even stated it again in a…
Logan Finance Pulls Plug On Consumer Loans In Georgia
Developing Story! Logan Finance Shocks Georgia Brokers. Lender Pulls Plug On Consumer Loans In Georgia. Logan Finance has shocked Georgia mortgage brokers with shock announcement. The Arkansas-based wholesale lender has pulled out of the Georgia. The company made the shock announcement yesterday. Lender Meltdown has spoken to mortgage brokers across the country. They all love…