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 Sees Profits Plunge In Second Quarter
Rocket Companies Says Profits For Rocket Mortgage Plunged In Second Quarter. CEO Threatens Layoffs If Things Don’t Improve Rocket Companies, the Rocket Mortgage say the mortgage company’s profits plunged in the second quarter. They claim this is due to rising interest rates and inflation. Therefore, this is dampening consumer confidence and concerns over a possible…
New American Funding Eliminates Hundreds Of Jobs
Sources Say New American Funding Eliminated Loan Officers, Processors And Underwriters In Another Lay Off Sweep Former employees say New American Funding has laid off hundreds of employees on Tuesday. New American Funding eliminated several hundred positions. The company laid off loan officers and underwriters. In addition the company also laid off processors and training…
PennyMac Financial Services Cuts Another 32 Jobs In California
PennyMac Financial services Has Cut Nearly 500 Jobs Since March Mortgage lender Pennymac Financial Services has laid off an additional 32 employees in July. PennyMac has laid off a total of 475 employees since March 1st. This is the California-based company’s third round of layoffs this year, as Pennymac had a workforce reduction of 236 employees…
Massive Wall Street Layoffs Imminent As Banking Profits Plummet
Massive Wall Street Layoffs Of Junior Bankers Is Imminent As Banking Giants See Profits Plummet Wall Street spent the past year acting like the financial bulimics they are. They spent the past year binging on bankers and now they are leaning over the world toilet ready to puke it all out. Junior bankers are predicting…
Mortgage Applications Plummet To 22-Year Low
Mortgage Applications Plummet To 22-Year Low As Home Sales Drop 14% From A Year Ago. Mortgage applications have hit a 22-year low demand for homes is drying up. This is due to raising interest rates soar and plunging home sales. The lending industry is pointing the finger at the Federal Reserve‘s interest rate hikes. The…
Bank of America Reports Double-Digit Drop In Mortgages
Bank of America Reports Mortgage Originations Are Down 11.5% In Second Quarter Bank of America reports that customers haven’t slowed down their activities despite a fear of a recession. In addition. Bank of America reported that deposits have grown to a record level above $1 trillion. The bank also says consumer spending is increasing for…
Mortgage Originations Continue To Free Fall At JPMorgan Chase
JP Morgan Chase Executives Panic As Mortgage Originations Continue to Free Fall JPMorgan Chase leaders continue to panic as mortgage originations continue their free fall. It’s not pretty for JPMorgan Chase as mortgage originations continue to free fall. This is after the bank laid off hundreds of mortgage employees. Chase reported double digit declines in…
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…