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 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…
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…
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…
Mountain West Financial Pulls Plug On Wholesale Lending
Mountain West Financial Closes Wholesale Channel. Are They Another Victim Of The UWM Juggernaut? You can add Mountain West Financial to the list of lenders unable to compete with the juggernaut of United Wholesale Mortgage. The California-based company informed its broker network last week that it has “made the difficult decision to take a…
AmeriSave Wholesale Mortgage Solutions Shuts Down
AmeriSave Wholesale Mortgage Solutions Abruptly Shuts Down. Company Says Team Members Will Stay To Close Out Existing Loans Amerisave Wholesale Mortgage Solutions (AWMS) announced yesterday on Facebook that it is closing it doors. The company made the announcement in a mortgage loan officer Facebook group. The announcement simply said the company is “closing it doors…
Homepoint Has Laid Off 100+ Employees
Homepoint Has Laid Off 100+ Employees. Company Expects To Save $100 Million Per Year With Layoffs Homepoint has laid off more than 100 employees this week. The company has been taking it to the gut with its price war with UWM. The company confirmed the layoffs on Wednesday and Thursday. They say the layoffs are…
Suburban Mortgage Is Pulling The Plug On Mortgage Lending
Suburban Mortgage Is Pulling The Plug On Mortgage Lending But Company Claims They Are Not Shutting Down Arizona-based mortgage lender Suburban Mortgage’s website is down. The company also disabled employee emails. You would think this is a sign the company has shut it’s doors and fired it’s employees. However, a spokesperson sent a comment to…
Rocket Mortgage Extends Voluntary Buyout Offers
Rocket Mortgage Extends Voluntary Buyouts To Small Number Of Team Members Rocket Mortgage extends it’s the second wave of “voluntary career transition” offers to employees. The company is expecting a drastic reduction in origination volume in the third quarter. The company says the buyout offer is a “completely optional plan.” The extended buyout off is…
Fannie Mae Predicts Dark Days Ahead For The Housing Market
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 their forecast for 2022 home sales this week. Fannie Mae’s…
Wells Fargo Pulls The Plug On Mortgage Lending
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 once churned out one of every three home loans…