Tag: lender meltdown

Citimortgage Does Another Round Of Layoffs

Citibank Defends Further Staffing Reductions At Citimortgage.  Citibank has cut staffing levels at Citimortgage for the third time in 9 months. Citi claims letting go of the 100 employees was to “streamline internal functions.”  However, it probably has more to do with surging rates and a reorganization of its operations.  Citibank claims it is working…

By Steve
2 min read

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…

By Steve
2 min read

Lender Implode 2.0

Lender Implode 2.0 – The Latest List Of Lender Implosions And Layoffs. This List Is Updated Daily! Lender Implode 2.0 tracks the mortgage lenders who have imploded or are showing the signs of imploding. The list also contains the companies that have had mass layoffs or imploded into bankruptcy. The list will be updated as…

By Steve
2 min read

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…

By Steve
2 min read

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…

By Steve
2 min read

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…

By Steve
2 min read

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….

By Steve
2 min read