Mortage Layoffs

Recent News and Discussions About Mortage Layoffs

Mortgage Industry Carnage: LoanDepot Lays Off Thousands

https://therealdeal.com/2022/07/12/loandepot-laying-off-thousands/

Mortgage Industry Carnage: LoanDepot Lays Off Thousands
3 days ago — Direct-to-consumer lender cutting 4,800 jobs … Another lender is resorting to layoffs as the mortgage market shrivels. Tucked in near the end of …


Mortgage Layoffs Surge As Rising Rates Crush Lending Activity

https://www.forbes.com/sites/davidwestenhaver/2022/06/23/mortgage-layoffs-surge-as-rising-rates-crush-lending-activity/

Jun 23, 2022 — According to HousingWire, other mortgage lenders conducting layoffs in 2022 include New Residential Investment Corp. (386 positions), Owning …


Mortgage industry stung by more mass job layoffs

https://www.mpamag.com/us/news/general/mortgage-industry-stung-by-more-mass-job-layoffs/411353

Jun 29, 2022 — First Guaranty Mortgage Corp. has become the latest industry player forced to implement layoffs amid market shifts, revealing it will cut …


A cooling housing market means the mortgage industry faces …

https://www.morningbrew.com/daily/stories/a-cooling-housing-market-means-the-mortgage-industry-faces-mass-layoffs

Jun 27, 2022 — But after three rounds of layoffs in the last six months, the company, which had ~10,000 employees in December, now has less than 5,000.


Wyndham Capital Mortgage conducts two layoffs in June

Wyndham Capital Mortgage conducts two layoffs in June

Jul 5, 2022 — Less than a month after Wyndham Capital Mortgage said it would eliminate 40 positions, the company implemented another round of layoffs .


Struggling loanDepot to cut nearly 5000 jobs in 2022

Struggling loanDepot to cut nearly 5,000 jobs in 2022

3 days ago — Nonbank lender loanDepot is making what appears to be the largest series of cuts in the mortgage industry this year, eliminating 4,800 jobs …


Plano-based mortgage company is latest to lay off workers as …

https://www.fox4news.com/news/plano-based-mortgage-company-is-latest-to-lay-off-workers-as-mortgage-industry-cools-off

Jun 28, 2022 — First Guaranty Mortgage company is the latest in a long list of lenders which have announced layoffs . The Plano-based company is purging the …


First Guaranty Mortgage files for Chapter 11 after layoffs

https://www.reuters.com/legal/litigation/first-guaranty-mortgage-files-chapter-11-after-layoffs-2022-06-30/

Jun 30, 2022 — Mortgage lender First Guaranty Mortgage Corp filed for bankruptcy in Delaware on Thursday, saying it had laid off 80% of its employees and …


Big banks’ Q2 earnings to shed light on gloomy U.S. mortgage …

https://www.reuters.com/markets/us/big-banks-q2-earnings-shed-light-gloomy-us-mortgage-outlook-2022-07-08/

7 days ago — “Over the next month or two we’ll see the bulk of layoffs ,” said Doug Duncan, chief economist at Fannie Mae, which, along with Freddie Mac, …


Mortgage Layoffs and the Vicious Cycle | HomeUnion.com

Mortgage Layoffs and the Vicious Cycle

This past week we read of massive layoffs by Banks in their mortgage divisions. Between Bank of America, Wells Fargo, and Citigroup about 8400 jobs were …


Frequently Asked Questions

Will there be layoffs in mortgage industry?

Last week, JPMorgan laid off 1,000 employees from its home-lending division, according to Bloomberg. Wells Fargo cut hundreds of employees in April after its mortgage revenue fell 33% from Q1 2021 to 2022, according to Insider.

Why is Wells Fargo firing mortgage processors?

Wells Fargo & Company, the nation’s ninth-largest banking company, said yesterday that it would leave the mortgage lending business and cut 450 related jobs, because growing competition for fewer borrowers had hurt profit margins.

Can I fire my mortgage lender?

Know that you’re free to switch lenders at any time during the process; you’re not committed to a lender until you’ve actually signed the closing papers. But if you do decide to switch, re-starting paperwork and underwriting could cause delays in your home purchase or refinance process.

Is Homepoint being sold?

Homepoint is also downsizing its origination business. In April, the company announced the exit of the correspondent channel by selling its division to Planet Home Lending for $2.5 million.

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