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Freedom Mortgage Conducts Layoffs And Sends Jobs To India
Freedom Mortgage Has Conducted Their Fifth Round Of Mass Layoffs This Year And Are Outsourcing Underwriting Jobs To India Freedom Mortgage has trimmed its workforce with fourth round of layoffs this year. The company is also continuing to outsource underwriting and loan closing jobs to India. Freedom Mortgage has been a victim of falling origination…
Rocket Mortgage Raises Limits In Desperate Gambit
Rocket Mortgage Raises 2023 Conforming Loan Limits For Brokers In Gambit To Prop Up Origination Numbers The wholesale arm of Rocket Mortgage raises 2023 loan limits for brokers. Rocket Mortgage raised loan limits to $715,000 effective on Tuesday. This is a sign that they are confident the maximum loan limit set by the federal government will rise…
Newrez Launches 40-Year Mortgage Programs
Newrez Launches 40-Year Mortgage Program To Try To Halt It’s Free Falling Origination Numbers Lenders are getting creative when it comes to stop their declining origination numbers and Newrez is no different. Several lenders have begun offering 40-year mortgages in an effort to stop their declining origination numbers. Now, Newrez is joining them in offering…
Former Vanguard Funding Owner Going To Prison For 24 Months
Federal Judge Sentences Former Vanguard Funding Owner To 24 Months In Federal Prison For $8.9 Million Mortgage Fraud Scheme A federal judge last week sentenced former Vanguard Funding owner Edward E. Bohm to 24 months in federal prison. Bohm is the former President of Sales and part-owner of mortgage lender Vanguard Funding, LLC. The government…
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…
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…
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…
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…
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…
Secret Compass Layoffs Are Coming By October
Former Compass Insider Says That More Secret Compass Layoffs Are Coming Before The End Of The 3rd Quarter A few days ago, Zoe Rosenberg of Business Insider sat down with a former insider at Compass. The former employee told her that more secret Compass layoffs are coming before the end of the third quarter. Compass…