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.

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…

By Steve
2 min read

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…

By Steve
2 min read

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…

By Steve
2 min read

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…

By Steve
2 min read

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…

By Steve
2 min read

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…

By Steve
2 min read

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…

By Steve
2 min read

Impac Mortgage Holdings Posts Ugly 2nd Quarter Results

Impac Mortgage Reports $13.5 Million Loss In Second Quarter. Company Blames Lack OF Housing Inventory Another mortgage lender is reporting taking a hit in their profit margins. Add Impac Mortgage Holdings to the list of mortgage lenders that posted a loss in the second quarter of 2022,  As a result, Impac have opted to break with the…

By Steve
3 min read

Homepoint Takes $44M Hit In Q2 Amid Price War With UWM

Increasing Profit Margins Is The Goal Says Homepoint Management. Company Says They Are Not Afraid To Downsize Permanently Homepoint took a $44 Million loss in the second quarter of 2022. The company had already reduced costs and sold the mortgage servicing rights for loans in their servicing portfolio. The company reported that surging interest rates…

By Steve
3 min read

LoanDepot Is Closing It’s Wholesale Channel After $232M Loss

LoanDepot Is Closing It’s Wholesale Channel After Losing $232 Million In The Second Quarter California-based LoanDepot is closing its wholesale division amid plummeting origination volumes. The company is also seeing a widening of it’s financial losses in the second quarter. The decision to close the channel also reflects fierce competition in the broker space. It’s a…

By Steve
3 min read