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.

Rocket Mortgage Management Tries To Sabotage An RE Closing

Rocket Mortgage Management Bullied An Employee And Tries To Sabotage His Real Estate Closing By Refusing To Give His Lender A Verification Of Employment For years I have written about the cattiness and cult like mentality of Rocket Mortgage management on MFI-Miami. But this recent incident is just over the top. Management bullied an employee….

By Steve
3 min read

Point Mortgage Exits Wholesale Lending

Point Mortgage Joins The Mass Exodus Of Lenders Exiting Wholesale Lending. Company Says It’s Only Temporary Point Mortgage is joining other lenders in a mass exodus out of wholesale lending. The company has decided to shut down its wholesale business GoPointDirect and lay off employees to focus on retail lending. CEO Johnny Margarini told Housingwire:…

By Steve
2 min read

Mortgage Loan Originations Down 57%

Mortgage Loan Originations Down 57% Since Beginning Of The Year. Rate Locks Fell 8.9% In August Black Knight Inc. says mortgage loan originations fell by 57% since the beginning of the year and in August, they fell to a four-year low. Originations also fell nearly 9% from July. The mortgage data provider released its Optimal…

By Steve
2 min read

NEXA Mortgage Quits AIME. Mike Kortas Claims He’s Being Bullied

NEXA Mortgage CEO Claims AIME Allowed Renegade Gangs Of Smaller Mortgage Broker To Bully Him On The Internet The CEO of NEXA Mortgage has pulled his company out of the Association of Independent Mortgage Experts (AIME). CEO Mike Kortas claims the association has allowed renegade gangs of brokers to “terrorize” him on the internet. NEXA …

By Steve
4 min read

Citimortgage Does Another Round Of Layoffs

Citibank Defends Further Staffing Reductions At Citimortgage.  Citibank has cut staffing levels at Citimortgage for the third time in 9 months. Citi claims letting go of the 100 employees was to “streamline internal functions.”  However, it probably has more to do with surging rates and a reorganization of its operations.  Citibank claims it is working…

By Steve
2 min read

Homepoint Has Finally Admitted It Has Shed 75% Of It’s Workforce

Homepoint Has Finally Admitted That It Shed Over 3,000 Employees.  Homepoint has finally admitted that it has shrunk its workforce. The company says it’s workforce of 4,000 workers in summer of 2021 down to 1,000. The wholesale lender laid off 913 employees according to WARN notices filed in Arizona, Florida, Michigan and Texas. Homepoint has…

By Steve
2 min read

Freedom Mortgage Conducts Layoffs And Sends Jobs To India

Freedom Mortgage Has Conducted Their Fifth Round Of Mass Layoffs This Year And Are Outsourcing Underwriting Jobs To India Freedom Mortgage has trimmed its workforce with fourth round of layoffs this year. The company is also continuing to outsource underwriting and loan closing jobs to India. Freedom Mortgage has been a victim of falling origination…

By Steve
2 min read

Rocket Mortgage Raises Limits In Desperate Gambit

Rocket Mortgage Raises 2023 Conforming Loan Limits For Brokers In Gambit To Prop Up Origination Numbers The wholesale arm of Rocket Mortgage raises 2023 loan limits for brokers. Rocket Mortgage raised loan limits to $715,000 effective on Tuesday. This is a sign that they are confident the maximum loan limit set by the federal government will rise…

By Steve
2 min read

Newrez Launches 40-Year Mortgage Programs

Newrez Launches 40-Year Mortgage Program To Try To Halt It’s Free Falling Origination Numbers Lenders are getting creative when it comes to stop their declining origination numbers and Newrez is no different. Several lenders have begun offering 40-year mortgages in an effort to stop their declining origination numbers. Now, Newrez is joining them in offering…

By Steve
2 min read

Former Vanguard Funding Owner Going To Prison For 24 Months

Federal Judge Sentences Former Vanguard Funding Owner To 24 Months In Federal Prison For $8.9 Million Mortgage Fraud Scheme A federal judge last week sentenced former Vanguard Funding owner Edward E. Bohm to 24 months in federal prison. Bohm is the former President of Sales and part-owner of mortgage lender Vanguard Funding, LLC. The government…

By Steve
2 min read