Tag: Lending
Mortgage Loan Originations Down 57%
Mortgage Loan Originations Down 57% Since Beginning Of The Year. Rate Locks Fell 8.9% In August Black Knight Inc. says mortgage loan originations fell by 57% since the beginning of the year and in August, they fell to a four-year low. Originations also fell nearly 9% from July. The mortgage data provider released its Optimal…
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…
Homepoint Has Finally Admitted It Has Shed 75% Of It’s Workforce
Homepoint Has Finally Admitted That It Shed Over 3,000 Employees. Homepoint has finally admitted that it has shrunk its workforce. The company says it’s workforce of 4,000 workers in summer of 2021 down to 1,000. The wholesale lender laid off 913 employees according to WARN notices filed in Arizona, Florida, Michigan and Texas. Homepoint has…
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…
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…
Homepoint Takes $44M Hit In Q2 Amid Price War With UWM
Increasing Profit Margins Is The Goal Says Homepoint Management. Company Says They Are Not Afraid To Downsize Permanently Homepoint took a $44 Million loss in the second quarter of 2022. The company had already reduced costs and sold the mortgage servicing rights for loans in their servicing portfolio. The company reported that surging interest rates…