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.
Fix-And-Flip Lender Kiavi Lays Off 7% Of It’s Employees
The Fix-And-Flip Lender Eliminated 39 Positions To Ensure It Can Survive Through 2023 Fix-And-Flip lender Kiavi has laid off 7% of it’s employees. Kiavi specializes in fix-and-flip and investor loans. An email sent to employees on Wednesday morning said Kiavi wanted to, “reduce our cost structure and protect the financial health of the company.” Kiavi’s…
PennyMac Tries To Stop Mass Exodus Of Customers
PennyMac Tries To Stop Mass Exodus Of Customers By Offering 90 Day Rate Locks PennyMac has launched a product that will freeze mortgage rates for as long as 90 days. The California based lender is hoping to attract attract and retain customers in a volatile economy. PennyMac has dubbed the program “Lock & Shop.” The…
Struggling LoanDepot Will Cut Nearly 5,000 Jobs In 2022
Struggling LoanDepot Will Cut Nearly 5,000 Jobs In 2022 As Part Of A Restructuring Plan Struggling LoanDepot is the latest lender to announce layoffs. The company is preparing to lay off the largest number of employees in the mortgage industry this year. The company is eliminating 4,800 jobs over the course of 2022. LoanDepot is…
New FHA Guidelines To Ignore COVID-Era Employment Lapses
Lenders Have Until September 5th To Comply With New FHA Guidelines Ignoring COVID-Era Employment Lapses New FHA guidelines loosen the requirements to qualify for a loan if they lost work during the pandemic. Beginning September 5th, lenders are to ignore job gaps during the Covid-19 pandemic. The Federal Housing Administration (FHA) announced new flexibility for…
Sprout Mortgage To Shut Their Doors
Sprout Mortgage Is The Latest Lender To Implode Due To Current Economic Conditions Sprout Mortgage is shutting its doors according to multiple employees. The company informed employees on Wednesday. The company informed the more than 300 workers of the shut down in a conference call on Wednesday. Sprout had already instituted several rounds of job…
Desperate Fannie And Freddie Accepting On-Time Rent As Credit
Desperate Fannie And Freddie Are Accepting On-Time Rent As Credit In New Underwriting Guidelines Fannie Mae and Freddie Mac are expecting to see a drop in revenue with the pending recession. As a result, a desperate Fannie and Freddie are resorting to a new tactic to get people qualified for mortgages. The GSEs are using…
First Guaranty Mortgage Corporation Closes It’s Doors
MAMA MIA! Here We Go Again! Major Lender, First Guaranty Mortgage Corporation Closes It’s Doors! Company Files Bankruptcy! 16 years years ago, mortgage lenders began dropping like flies at the beginning of the great recession. Well, it’s deja vu all over again! First Guaranty Mortgage Corporation (FGMC) and its affiliate Maverick II Holdings have shut…
Mortgage Industry Faces More Mass Job Layoffs
Mortgage Industry Faces More Mass Job Layoffs. First Guaranty and Zillow Among Those Slashing Positions. The mortgage industry faces another round of layoffs. First Guaranty Mortgage has become the latest industry player forced to lay off loan officers amid market shifts. The company revealed it will cut 428 employees at its Plano, Texas location. The…
JPMorgan Chase Fired Hundreds Of Mortgage Employees
JPMorgan Chase Fired Hundreds Of Mortgage Employees As Interest Rates Skyrocket And Demand Drops JPMorgan Chase fired hundreds employees from its mortgage lending business this week. The company says rising interest rates and a looming recession have lowered demand. JPMorgan Chase did not confirm how many employees were let go or moved to different divisions….
Another Wells Fargo Criminal Investigation Begins
Federal Prosecutors In Manhattan Launch Another Wells Fargo Criminal Investigation Over Its Sham Hiring Practices Federal prosecutors in Manhattan have launched another Wells Fargo criminal investigation. Investigators say they are investigating bank managers who conducted sham interviews with minority and female candidates. Bank managers allegedly interviewed minority candidates for roles that were already filled. The…