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.
Impac Mortgage Holdings Fires 47 Percent Of It’s Employees
Impac Mortgage Holdings Fires 47% Of Its Employees After Posting $13 Million Loss In 3rd Quarter Of 2022 Impac Mortgage Holdings had a $13 million loss in the third quarter of 2022. This is leading leadership to adopt a defensive posture. They need to try and navigate one of the most challenging markets in decades….
Angel Oak Selling Its Retail Lending Business
Angel Oak Home Loans Selling Brick-And-Mortar Locations Along With Staff To Cross Country Mortgage. Angel Oak Home Loans said Thursday it will exit its brick-and-mortar retail lending business. The Atlanta-based lender said it is selling its retail lending business to a buyer it declined to disclose. It also did not disclose the financial terms of…
Shrinking loanDepot Takes A $137.5M Hit In 3rd Quarter
Shrinking loanDepot Takes A $137.5M Hit In 3rd Quarter Due To Originations Declining To $9.8 Billion In Third Quarter A sever shrinking loanDepot posted it’s third-quarter earnings. The numbers show the company’s struggles are far from over. loanDepot reported its second consecutive quarterly loss in large part to plummeting mortgage production. The company says it expects production…
Finance Of America Posted 4th Straight Quarterly Loss
Finance Of America Posted It’s 4th Straight Quarterly Loss. Is The Slowly Imploding Finance of America Going The Way Of The Dinosaurs? Finance of America posted its fourth consecutive quarterly loss on Wednesday. The company had already announced it was working toward closing its forward mortgage origination business. Finance of America posted a net loss…
New American Funding Lays Off 240 Employees
Broker Solutions Incorporated Doing Business as New American Funding Lays Off 240 Employees California-based New American Funding (NAF) said Tuesday it has reduced its workforce by about 240 positions this week. It had previously laid off employees in August. Broker Solutions Incorporated doing business as New American Funding is a family-owned company. Broker Solutions started…
Athas Capital Group To Shut Their Doors
Athas Capital Group Wants To Bow Out Of Lending Like Gentlemen And Immediately Wind Down Their Operations Athas Capital Group say they have decided to bow out of the lending industry like gentlemen. The direct lender announced last week that it plans to close. As a result, the closing will affect more than 200 employees. …
Mr. Cooper Mortgage Axes 800 Employees
Mr. Cooper Mortgage Axes 800 Employees Due To Plummeting Origination Production Mr. Cooper Mortgage has dropped the ax on approximately 800 employees. This is roughly a week after hinting that job cuts were coming. The company had previously reported they were dealing with lower than expected origination production. The company said in a statement: In…
Queens Leads New York In Foreclosures
Queens Leads New York In Mortgage Foreclosures As New York Feels The Pinch Of High Interest Rates And Plummeting Values A PropertyShark report has revealed Queens leads New York in foreclosures again. Foreclosures in the borough have increased 55% compared to the same time as the third 2019 figures. PropertyShark found that foreclosures are up…
Rocket Mortgage Is Struggling Being Competitive And Relevant
Rocket Mortgage Is Struggling To Remain Competitive And Relevant In A Changing Lending Landscape Without Dan Gilbert At The Helm Rocket Mortgage is struggling for the first time in it’s history. The company is struggling not only to remain competitive but relevant. This is due to two factors. The first is founder and owner Dan…
American Advisors Group Does Another Round Of Layoffs
American Advisors Group Does Another Round Of Layoffs For The Third Consecutive Time This Year Multiple sources are reporting that American Advisors Group has cut its workforce for a third consecutive time this year. The full extent of the latest layoff round was unclear. Some sources claim that cuts were made in retail origination and…