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.
AnnieMac Announces It Has Stopped Funding Wholesale Loans
AnnieMac Announced It Has Stopped Accepting Wholesale Loans As Of 5pm On September 27, 2022 American Neighborhood Mortgage Acceptance Co. LLC (AnnieMac) has joined the exodus of mortgage lenders exiting the wholesale mortgage market. AnnieMac also said all new loan submissions after 5 pm on September 27th would be denied. In addition, the company said…
Finance of America Plans To Exit Wholesale Lending & Sell Retail Division
Finance of America Plans To Exit Wholesale Lending And Sell Retail Division. Company Will Focus On Reverse Mortgages And Home Improvement Loans. Housingwire is reporting Finance of America (FoA) plans to sell its retail mortgage division. They are also reporting FoA is shutting down its forward wholesale channel. Former top executives and business partners claim…
Norcom President Tells LOs To Push Loans On Hurricane Victims
Norcom President Phil DeFronzo Told LOs To Push Disaster Loans To Florida Homeowners As Hurricane Ian Began Pummeling The State Norcom President Phil DeFronzo sent out a companywide email to managers and LOs on Wednesday afternoon. But this was no ordinary email. The email told employees to push FHA 203H disaster loans on victims of…
Santander Withdraws From Mortgage Lending For New Customers
Santander Withdraws From Mortgage Lending For New Customers. Lenders Pull 300 Deals In 24 hours Santander became the latest high street bank to withdraw mortgage products for new customers. As a result, lenders pull nearly 300 mortgage deals in the past 24 hours by banks and building groups. Nationwide Building Society also increased the interest…
BayFirst National Bank Withdraws From Residential Lending
Florida Based BayFirst National Bank Attributes Shutdown To Uncertain Outlook And Declining Mortgage Volume Florida based BayFirst National Bank has shut down its residential mortgage business. As a result, the bank has laid off staffers. The BayFirst Financial Corporation announced that its board of directors started the process last week. The bank plans on closing…
The Goldman Sachs Slaughter Begins!
The Goldman Sachs Slaughter Begins. Bank Fires Employees At All Levels After Dishing Out Bonuses And Hiking Salaries During Pandemic The Goldman Sachs mass slaughter has begun! The bank has launched a wave of mass layoffs of workers across the US. 18 months ago the bank was dishing out cushy bonuses and high salaries during…
Caliber Home Loans Lays Off 300+ LOs And Senior Managers
Caliber Home Loans Lay Offs Last Week Affected 300+ Loan Officers And Senior Managers Rithm Capital, the new owners of Caliber Home Loans, issued pink slips to 300+ employees earlier this week. The company claimed that soaring mortgage interest rates and lower origination volumes were the reason. The lender has made at least four rounds…
US Bank Runs Away From Florida’s Marginalized Homeowners
US Bank Runs From Florida Housing Faster Than OJ Simpson In A Hertz Commercial And Without Warning In what might be a sign of a larger exit from the lending business, US Bank recently terminated its long-time relationship with Florida Housing Finance Corporation aka FL Housing. FL Housing is the state’s agency for, “Affordable housing…
New York Mortgage Brokers Hate New York And Want To Leave
NYS Bureaucracy And Delays Are Making New York Mortgage Brokers Desperate To Escape From New York Lenders are bypassing New York to set up offices. The reason is because of NYS’ overly burdensome bureaucracy. In addition, existing New York mortgage brokers are desperate to escape the Empire state. U.S. Mortgage Corporation Founder and CEO Steven…
MBS Market Warning: Is A Meltdown On The Immediate Horizon?
MBS Market Warning: On Any Given Day, The MBS Market Is 6 Hours Away From Total Collapse The volatility of the MBS market is a topic that absolute no one is talking about. Well that is outside the gin-soaked Wall Street cocktail parties. Many outside the industry mistakenly believe that Mortgage-Backed Securities market went away…