Tag: mortgage originations

Is Dan Gilbert Putting Rocket Mortgage On The Auction Block?

Is Dan Gilbert Planning On Selling Rocket Mortgage Amid Plummeting Originations, Layoffs And Talks Of “Industry Consolidations”? There is no doubt that the past year was horrible for Dan Gilbert and Rocket Mortgage. The company saw profits plummet faster than contestants on a Japanese game show. Seriously, Rocket Mortgage has seen their profits plummet 90%…

By Steve
3 min read

Is Rocket Mortgage CFO Brian Brown Blowing Smoke?

Is Rocket Mortgage CFO Brian Brown Blowing Smoke To Make Rocket Mortgage Look More Profitable Than It Is? Rocket Mortgage CFO Brian Brown says first-time homebuyers will drive the housing market in 2023.  Brown made his prediction during a one-on-one conversation with Fitch Ratings Director Shampa Bhattacharya. Brown speculated that first-time home buyers will drive…

By Steve
2 min read

Mortgage Applications Hit 25-Year Low

Mortgage Applications Hit A 25-Year Low. As A Result, The Market Composite Index fell 14.2% to the slowest pace since 1997. Mortgage as plummeted by 14.2% last week from the week before. The Mortgage Bankers Association (MBA) said this is the slowest pace in 25 years.  It was also the seventh decline in the past…

By Steve
2 min read

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

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…

By Steve
2 min read

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…

By Steve
2 min read

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…

By Steve
3 min read

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…

By Steve
3 min read