The layoffs come amid a mortgage market downturn and a larger company restructuring, multiple current and former staffers told HousingWire. ET Friday morning, and economists expect nonfarm payrolls rose by another 200,000 jobs last month, according to estimates from Bloomberg. This will affect over 100 employees in all departments. It suffered three consecutive quarterly losses and cut its workforce by 20% in 2022. Sales folks jumping ship now. How do I clear up a lien with a company that no longer exists? Confirmed by people affected by the layoff. The Texas-based company is adapting to "members' needs and changes in the marketplace," which resulted in a scale down in some divisions, a spokesman said. Primary Residential Mortgage, Inc. (PRMI) laid off 1/3 of their staff last month over the course multiple weeks and laid off several executives (VP EVP) yesterday. The increasingly darkening skies for banking and finance come after a year in which tech companies were buffeted by layoffs, despite most other parts of the labor market proving resilient. Theyve laid off practically the entire back office effective 02/2023. The 30 year mortgage was obtained in 2003 in Florida Property. OKTA. Laurel, NJ PHH Mortgage Corp. laid off 69 employees in Amherst, NY PHH Mortgage Corp. cut 2250 jobs in New Jersey PHH Mortgage Corp. cut 135 jobs in Amherst, NY PHH Mortgage Corp. laid off 130 employees at its Mount Laurel, NJ mortgage servicing center PHH Mortgage Corp. merger terminated PHH Mortgage Corp. exited wholesale/correspondent mortgage lending channel PHH Mortgage Corp. cut 33 jobs in Mount Laurel, NJ PHH Mortgage Corp. cut 80 jobs in Amherst, NY, eventually close office in 2017 PHH Mortgage Corp. laid off 365 mortgage workers in Jacksonville PHH Mortgage Corp. laid off 140 in Providence, 300 more from NJ and FL offices Piedmont Community Bank shut by FDIC Pierce Commercial Bank shut by FDIC Pillar Processing cut 601 employees at Long Island offices Pimco bought stake in First Guaranty Mortgage Pinehurst Bank shut by FDIC Pinnacle Bank of Oregon shut down by FDIC Pinnacle Direct Funding Corp merged with Tri-Star Lending Pinnacle Financial Corp. acquired by Impac Mortgage Holdings, closed Pisgah Community Bank closed by FDIC Plantation Federal Bank shut by FDIC Platinum Community Bank (IL) shut down by FDIC PMI Group Inc. (mortgage insurer) filed for Chapter 11 bankruptcy PNC Bank acquired BBVA PNC Bank acquired National City PNC Bank to close Capstone Realty Advisors (commercial mortgage unit) PNC Bank shed dozens of mortgage workers amid refinance slowdown PNC Bank discontinued wholesale home equity lending PNC Bank to cut 5,800 jobs PNC Bank to cut 30 workers at loan servicing center in Dayton Polk County Bank shut by FDIC Popular Financial Holdings exited the wholesale sub-prime mortgage market Popular Inc. cut 167 loan servicing jobs in New Jersey Popular Mortgage Corp. shut down Popular Warehouse Lending no longer accepting applications Portellus, Inc. (software) winding down mortgage division, selling mortgage assets Precision Financial Inc. closed Preferred Home Mortgage Co. cut 75 jobs Premier American Bank shut by FDIC Premier Bank shut by FDIC Premier Bank (Denver) shut by FDIC Premier Community Bank of the Emerald Coast shut by FDIC Premier Mortgage Funding, Inc filed for bankruptcy Premium Funding Corp. closed Pretium acquired Deephaven Mortgage LLC Primary Residential Mortgage Inc. acquire The Executive Mortgage Group Principal Mortgage Fund, Inc. to buy Fair Home Lending Financial, Inc. The finance industry is beginning to feel the effects of an expected economic downturn and firms are slimming down in anticipation. Flagstar Bank makes big cuts to mortgage operation Michigan-based Flagstar Bank is reducing its retail operations and laying off hundreds of staff after receiving approval for a merger with New York Community Bank. Finance of America exiting wholesale, correspondent lending The Irving, Texas-based lender is also reportedly in negotiations to sell its retail mortgage division, which employs about 1,000. The financial startups bubble is bursting and pink slips are being handed out. Amerifirst Home Mortgage had its 4th layoff this year. The Truth About Mortgage. Fairway Independent Mortgage just closed a few branches affecting Colorado, California, Wyoming and Washington on 2/28/2023. I had a mortgage loan with a company called AMC Mortgage Services in Santa Ana, CA. The increasingly darkening skies for banking and finance come after a year in which tech companies were buffeted by layoffs, despite most other parts of the labor market proving resilient. They are no longer in business now. Caliber has been laying off in small groups all year. Amazon (AMZN) CEO Andy Jassy said late Wednesday the company would cut "just over 18,000 roles," a higher reduction than initially planned. Its a shame whom would take over the loans if people are still buying homes. Unknown number of people laid off from Amerifirst Financial Corporation, dba Amerifirst Home Mortgage and Ameritrust Home Mortgage, on 4/6/22 and on 6/20/22. The layoffs. Number is unknown. For instance, Tesla reportedly implemented a hiring freeze last month and will be conducting a round of layoffs next quarter. "Companies that last a long time go through different phases. More than a decade since the Great Recession began, mortgage companies are still facing the consequences of getting involved in what was then a very risky housing market. Would appear this was done to avoid the federal 60 day WARN Act notice. RoundPoint Mortgage, a wholly owned subsidiary of Freedom Mortgage announced to employees on July 28 that they are shutting down their retail operations. The last day to lock loans in the pipeline and to submit a credit package on previously locked loans is October 28. There are more mortgage jobs out there, it might not be what you prefer, but at least you can keep your foot in the door and move up again. How can I get this lien released? I dont know if they merged. Im looking to source an authorized signer for Downeast Mortgage Corporation that operated out of South Portland, Maine.. Any leads would be greatly appreciated. This has been under the radar and nothing in the news about it. Why Finance of America Companies? Academy Mortgage just dissolved their Growth & Development and Employee Engagement departments, as one of the G & D employees, I am not sure how many layoffs in total. The Mortgage Refinance Process: Step-by-Step Guide, How to Lower Your Mortgage Rate Without Refinancing. Were already starting to see layoffs at Wall Street firms and there is talk about some restructuring in the banking industry, Thomas Smythe, a finance professor at Florida Gulf Coast University, told the Washington Examiner. The statement that they acquired Moore Group is misleading as the Moore group is just a family branch team that changed companies to Sierra Pacific. I know Ocwen took over Aames because I had a loan for 132,000 and it was released by Ocwen, but there was a second mortgage which was never funded in the amount of 150,000 and Ocwen has no knoweledge of it. Hey Colin, North American Savings Bank announced on Friday 1/6/23 they will be close their Consumer Direct Division. Like others above, we have a sale but title pulled up and outstanding lien and I found out the company was dissolved so I dont know where to go for help. 11 bankruptcy Movement Mortgage acquired retail division of Platinum Mortgage Inc. Movement Mortgage acquired retail mortgage operations of Eagle Home Mortgage, LLC Movement Mortgage cut 100 jobs nationwide Movement Mortgage acquired First State Bank (VA) Movement Mortgage cut 180 jobs in Fort Mill, Norfolk, Richmond, and Tempe Mountain Heritage Bank shut by FDIC Mountain National Bank closed by FDIC Mr. Cooper acquired Pacific Union Financial LLC Mr. Cooper ceased wholesale lending operations, layoffs Mr. Cooper cut 109 jobs in Santa Ana, CA MutualBank acquired Summit Mortgage, Inc. Mutual Bank shut by FDIC Mutual of Omaha Bank closed mortgage processing operation in Lincoln, NE Mutual of Omaha Bank outsourced in-house mortgage origination channel to Guild Mortgage MVB Bank purchased Potomac Mortgage Group MVB Mortgage and Intercoastal Mortgage Company combined Mylor Financial closed National Bank Holdings Corp. to acquire Peoples Bank, which will sell or shut its national mortgage business by the end of 2017 National Bank of Commerce shut down by FDIC National City ceases wholesale lending National City exits correspondent lending business National City laid off 1,300 National City cut 50 jobs in San Diego National City to exit warehouse lending National Home Equity consolidated by National City Corp., suspended originations, layoffs National Wholesale Funding halted operations NationPoint halts loan origination, layoffs Nationpoint subsidiary of Merill Lynch laid off 60 people in August, 70 more in Nov. Nation One Mortgage Co. Inc. wholesale lender stopped origination and funding of mortgages Nationstar Mortgage changed name to Mr. Cooper Nationstar Mortgage cut 70 jobs at Lewisville, TX headquarters Nationstar Mortgage cut 150+ loan servicing jobs Nationstar Mortgage cut 105 jobs in Scottsbluff, NE Nationstar Mortgage closed St. Louis office, 115 layoffs Nationstar Mortgage sold wholesale division to Stonegate Mortgage, 1,000+ layoffs Nationstar Mortgage acquired Greenlight Financial Nationstar Mortgage purchased $10.4 billion in loan servicing rights from Bank of America Nationstar Mortgage acquired ResCap mortgage servicing assets Nationstar Mortgage acquired Champion Mortgage, closed multiple offices, incl. Rocket has a plan to drastically cut costs. Thanks. Cook stepped down as CEO on June 30 due to an existing medical condition. Santander Bank just announced today that they are closing their entire home loans and HELOC divisions and will stop taking applications February 11th. Bank of America is projecting that the US economy will lose over 500,000 jobs in 2023. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on SMS (Opens in new window). Finance of America insights Based on 165 survey responses What people like Time and location flexibility Areas for improvement Sense of belonging Trust in colleagues Inclusive work environment Left because mtg division closed Senior Underwriter (Remote) (Former Employee) - Valencia, CA - February 8, 2023 Left because mtg division closed. The deadline to fund the wholesale pipeline and purchase a non-delegated correspondent pipeline is December 16. Cardinal Financial Company/Sebonic did 5 or 6 rounds of layoffs no including the 1st 2 rounds that started at Q4 2021. The news comes after the sudden departure of the bank's chief executive officer. It took net losses of $64 million in the first quarter and $15 million a year ago. AmeriFirst Home Mortgage laid off ~100 people. February 25 , 2023 . Theyll be keeping the loan originators, however. Add Caliber to the list, I hear they just shut down a bunch of branches. Is this for the U.S., or globally? Has WJ Bradley closed down? I can verify that Lennar Mortgage laid off 114 people on 1/6/2023, then two weeks later gave the ones left 2% to 4% raises and a lot of promotions with 10% raises. Embrace Home Loans (not in the list) just had its THIRD round of layoffs this year. Monthly payroll gains averaged 391,000 across 2022, weekly filings for unemployment insurance have not budged much above 200,000, and on Wednesday, the latest Job Openings and Labor Turnover Survey, or JOLTS, showed a higher-than-expected 10.5 million job openings. Site by, The new, must-have technology thats tackling lendings greatest challenges. Interfirst Mortgage Co. did layoffs in Nov. 2021, March 2022 and May 2022. Does anyone know who is servicing Washtenaw Mortgage loan I need a release for a loan that was paid off in 2008 and never released. Amid changes to the nonbank lenders C-Suite and business lines, veteran mortgage executive Bill Dallas left his position as president of Finance of America Mortgage in March. We help move your dreams forward through our Customer First, Last and Always approach and wide variety of lending options. Alexandra Semenova is a reporter for Yahoo Finance. At JPMorgan, headcount rose 2% to 293,723 last quarter, and at BofA, the number of workers rose to 216,823 in Q4 compared to 213,270 in the prior period, according to the latest financial results from each company. Required fields are marked *. They cut a larger portion of people in June. Citibank layoffs August 3rd 2022. The power of data with Mike Simonsen at Gathering of Eagles, Eric Lapin on how consumer-controlled data can change lending, Clear Capital launches UDC to support appraisal modernization. Its really sad. Its tough out there right now, I was just laid off on 3/07, I thankfully was lucky enough to have someone notice me and refer me to another lender. Looking to find out who took over Residential Funding Corp mortgage loans. Those cuts are expected to begin in coming. Bank of America Corp. is reportedly planning to lay off up to 200 investment bankers globally, Bloomberg News reported on Thursday, citing sources. Now, its about doing more with less and combining teams to one manager. Sickening. Getty Images. Has anyone heard if Cake Mortgage Corp. is still in business? They will tell you everything is ok until they call you the day of. I figured out a long time ago, other industries dont like to hire mortgage people. But compared to prior recessions, it says . Keller Mortgage laid off around 600 people effective 5/22022, Servicelink had four rounds of layoffs thru May no serverence not even pay out for vacation time, Guaranteed Rate and its affiliates did another layoff today, 7/13 after waiting for cpi postings. Homepoint Financial laid off 400-500 today. This month alone, tech companies have announced more than 50,000 layoffs, including from Amazon ( AMZN ), Alphabet ( GOOG, GOOGL ), and Microsoft ( MSFT ). Morgan Stanley to Cut 1,600 Jobs as Rival Banks See Slowdown. Theyre not in heavy people expansion mode every year.". Inflation is high, so why arent mortgage rates higher? From reverse mortgages to commercial loans, home improvement financing and lender services, we deliver a positive customer experience and do business with a personal touch. Do you know anyone who might know anything to help us get this resolved? I do know that there were rumors about Academy selling, stirred up by a LinkedIn post by Anthony Casa, but Senior Leaders were deployed to shut the rumors down the day before the layoffs started. Finance of America Posts Nearly $1.4B Loss Due To Accounting Change Christine Stuart Mar 04, 2022 A 53% increase in Specialty Finance and Services (SF&S) segments revenue almost entirely offset the decline in mortgage revenue similarly experienced by the broader market. Frequently asked questions . All rights reserved. I dont see it on the list but on July 8th, 2022 Sprout Mortgage closed it doors and laid the entire company off. On October 7, FoA said that it will no longer fund and purchase loans through its wholesale and non-delegated correspondent channels. Amazon ( AMZN) CEO Andy . This year's layoff announcements come as U.S. companies grapple with inflation, higher interest rates, and a deteriorating economic environment that has prompted both needed and precautionary. Many U.S. hospitals are turning to layoffs to cut costs as they recover from the financial hit of the COVID-19 . Wentworth Home Lending, LLC Freedom Mortgage Corp. shut San Dimas call center, slash 171 jobs Freedom Mortgage Corp. acquired RoundPoint Mortgage Servicing Freedom Mortgage Corp. acquired Sterling National Banks mortgage operations Freedom Mortgage Corp. bought the assets of BluFi Lending Freedom Mortgage Corp. acquired Continental Home Loans Freestand Financial closed Fremont General exited secondary sub-prime market, layoffs Fremont General filed Ch. Aurora extends the Better.com merger deadline once again, Real estate agents wonder if inventory levels will ever return to normal, Optimizing client engagement and communication in 2023, Shared Equity: A required intervention for home affordability. Didnt realize it would grow this large though. Pentagon FCU (PenFed Credit Union) just laid off a unknown (seems to be large scale) number of mortgage employees Im a Current Employee. Layoffs in 2022 have been rough already, with several companies cutting their workforces just this week. Finance of America Companies will focus on reverse, commercial mortgages, lender services and portfolio management segments. Trying to clear up a release of lien on property. Incredible work here. I believe HSBC shuttered Beneficial years ago during the crisis. KEY TAKEAWAYS As the volume goes down, the number of people you need goes down. I see reductions for the next year which will erase all the profits and shut a lot of these entities down. With the shutdown of its forward mortgage company, FoA expects to save between $110 million and $120 million annually. Unaffiliated with Amerifirst Financial Inc.). I am trying to find out who is the successor of Colony Mortgage Corp. FGMC/GOODMORTGAGE based out of Plano, TX laid off 36 retail employees with a 15 minute notice and a pre-recorded call with a generous 1 week severance, didnt even matter if you gave years or months of service. The company declined to comment on whether Finance of America found another buyer for the retail branches. More than likely they will be laying off operations today since its the end of their pay period. All rights reserved. Hi, I am looking for information on National Financial Co. based in Highland Park, Illinois. What Credit Score Do You Need to Get a Mortgage? Guaranteed Rate has been laying off since Nov 2021, they also laid off in Jan & March. Academy Mortgage just shut down their Nebraska and New Mexico offices, no warning. Also this week, the worlds largest money manager BlackRock, culled about 500 of its workers from its payroll. On Wednesday, Amazon announced it was laying off 18,000 workers. Your email address will not be published. I dont know how many in this 2nd round of layoffs. Advanced product, pricing and eligibility technology creates efficiencies and helps lenders compete in a fast-paced market. They will be merging with Union Home Mortgage. Staying nimble in a fast-paced market with the right mortgage technology. Goldman Sachs Solomon admitted last month in an interview at the Wall Street Journals CEO Council Summit the company hired at a frenzied pace to keep up with record deal making activity at the time. Overall, FoA delivered a $64 million loss in the first quarter of 2022. No class at all. I have the personal cell number for the CEO of AMC (verified by phone call this morning). Open Mortgage that proudly stated at the beginning of year didnt have layoffs has now done a second set of layoffs and demotions. JPMorgan Chase CEO Jamie Dimon said that there is still much uncertainty heading into the new year, particularly with headwinds coming from the war in Ukraine, inflation, and the Feds unprecedented tightening cycle. This year they have had over 500 layoffs throughout the country. Academy mortgage just did some layoffs this week. A lot of hard-money/private lenders have laid off employees. Totally true about Situs, I witnessed it while the person was going through this, not a good way to lay off, dont you think? Thank you.! This week's news suggests executive. But . Guaranteed Rate has had several layoffs this year. The Last day to lock a loan Is October 31, 2022. Lien was never released and do not have proof of payment. See nothing about Amerifirst Home Loan out of Kalamazoo, Michigan. Not in bankruptcy? The power of data with Mike Simonsen at Gathering of Eagles, Eric Lapin on how consumer-controlled data can change lending, Clear Capital launches UDC to support appraisal modernization. Fairway just did a round of layoffs. Keep your eyes open and share with others who are in need of a job. I exceed the goal of the opportunity letter and was told it didnt really matter and that was all the explanation I got while having to hand off over $15k in commissions for the next month. Did TBW acquire Advent???? Payment company Stripe announced that it would lay off more than 1,000 employees, which is about 14% of its labor force. Layoffs occurred at the end of August. Now we face yet another potential housing crisis, due to lofty property values and a doubling of mortgage rates (3% to 6%) in less than a year. Wells Fargo, one of the nation's largest banks, had at least 114 layoffs in its home lending business following a drop in revenue in that division in the first quarter of 2022. Half of Q4 2022 transactions had wire and title fraud risks. The loss was a swing from a $127 million profit in the same period of 2021. Thank you. On a one-day basis, that's a rather large move for this company that tends to see muted price action outside of earnings. Sign up now to get the Washington Examiners breaking news and timely commentary delivered right to your inbox. Compare pay for popular roles and read about the team's work-life balance. Citi mortgage layoffs (3/2/23) Prosperity Home Mortgage, LLC to acquire JFQ Lending, LLC (2/28/23) Majestic Home Loan shut down by the CFPB (2/27/23) Wells Fargo cut 500+ mortgage jobs per Bloomberg (2/23/23) JZZ Technologies, Inc. to acquire Oxygen Mortgage (2/22/23) Civic Financial Services, LLC to eliminate approximately 200 positions (2/21/23) Mutual of Omaha Mortgage has acquired the assets of Keller Mortgage LLC (2/20/23) Celebrity Home Loans layoffs (2/16/23) Mr. Cooper to acquire Roosevelt Management Company and Rushmore Loan Management Services (2/10/23) Redwood Trust sees a 24% reduction in workforce due to market volatility (2/10/23) AmCap Mortgage acquired Oz Lending, Orange Mortgage and Rev Mortgage brands (2/9/23) Town Square Mortgage to merge with American Portfolio Mortgage (2/9/23) Chase to cut hundreds of additional mortgage jobs per Bloomberg (2/8/23) Northpointe Bank to exit correspondent lending business (2/8/23) Guild Mortgage acquires New Mexico-based Legacy Mortgage (2/7/23) F&B Financial Group acquired by Amerant Mortgage (2/2/23) USAA Bank cut 130 mortgage jobs in San Antonio, TX (2/2/23) Flagstar Bank to close all out of footprint locations, leading to 69% reduction in retail home lending offices, layoffs (1/31/23) Umpqua Bank to lay off half its home lending team (1/30/23) Reverse Mortgage Funding to lay off 65 in Bloomfield, NJ (1/27/23) First Internet Bank to exit consumer mortgage business, possible layoffs (1/27/23) American Pacific Mortgage purchased the assets of Lend Smart Mortgage (1/26/23) Clear Capital to cut about 250 jobs in Reno, NV (1/26/23) Wells Fargo Home Mortgage to cut 140 jobs in Springfield, IL (1/18/23) North American Savings Bank (NASB Financial Inc.) to exit consumer direct home lending business, layoffs (1/13/23) Blend Labs to lay off another 28% of employees (1/11/23) Silvergate Bank to cut 181 jobs in La Jolla, CA (1/10/23) Wells Fargo to exit correspondent lending channel (1/10/23) Union Bank mortgage layoffs related to U.S. Bank merger (1/10/23) AmeriFirst Financial (AZ) to shutter operations (1/6/23) Legacy Bank & Trust acquired Crain Mortgage Group LLC, rebrands as Legacy Capital (1/1/23) Union Home Mortgage acquires Amerifirst Home Mortgage (12/21/22) UMortgage to acquire NXT Mortgage Co. (12/19/22) Amerifirst Home Mortgage to eliminate 59 jobs in Portage, MI (12/13/22) Reverse Mortgage Funding to lay off 44 in Rancho Cordova, CA (12/9/22) Reverse Mortgage Funding to let go of 119 workers in Melville, NY (12/9/22) Union Bank to exit wholesale lending after U.S. Bank takeover (12/8/22) Finance of America to acquire the assets of American Advisors Group (12/7/22) Doma to eliminate 515 positions, or about 40% of the company (12/6/22) Interfirst Mortgage to let go of 75 employees in Rosemont, IL (12/6/22) Athas Capital to lay off 25 in Alpharetta, GA (12/6/22) Reverse Mortgage Funding to let go of 233 employees in Newburgh, NY (12/9/22) Wells Fargo to cut hundreds of mortgage jobs nationwide (per Bloomberg) Guild Mortgage to acquire Inlanta Mortgage, 62 layoffs in Pewaukee, WI (12/1/22) Reverse Mortgage Funding LLC files Chapter 11 bankruptcy, 233 layoffs (11/30/22) BayCoast Mortgage to acquire Marthas Vineyard Mortgage (11/30/22) Homepoint to eliminate 10 jobs in Clearwater, FL (11/19/22) Homepoint to shed another 49 jobs in Dallas, TX (11/18/22) Orchard laid off about 180 workers or roughly 25% of staff (11/17/22) American Financing to cut 194 jobs in Aurora, CO (11/16/22) Ribbon pauses RibbonCash program, ~170 layoffs (11/15/22) Athas Capital to cut 159 jobs in Agoura Hills, CA (11/14/22) Movement Mortgage acquires Mortgage Network, Inc. (11/11/22) Mr. Cooper to lay off 175 workers in Santa Ana, CA (11/11/22) Better Mortgage to let go of 33 employees in Irvine, CA (11/11/22) Better Mortgage to cut another 13 jobs in Oakland, CA (11/11/22) Impac Mortgage cut 47% of headcount in Irvine, CA (11/10/22) Angel Oak Home Loans to exit retail lending channel (11/10/22) RedfinNow to shut down, 862 layoffs (11/9/22) Radian Group to eliminate 166 jobs in Coraopolis, PA (11/8/22) New American Funding reduces workforce by roughly 240 jobs (11/8/22) CrossCountry Morgage to cut 100 jobs in Denver, CO (11/7/22) Pennymac to lay off 10 workers in Agoura Hills, CA (11/7/22) Newrez to let go of 24 employees in Columbia, Maryland (11/7/22) Better Mortgage to eliminate 28 jobs in NYC (11/4/22) Pennymac to cut another 49 jobs in Southern California (11/4/22) Mr. Cooper to slash another 800 jobs (11/4/22) Opendoor to lay off about 550 workers (11/3/22) Meridian Bank to lay off 1/3 of its mortgage employees and close 3 offices (11/3/22) Athas Capital Group to wind down operations, 200+ layoffs (11/2/22) Huntington National Bank to acquire PhysicianLoans (11/2/22) American Advisors Group (AAG) to let go of 204 employees in Irvine, CA (11/1/22) Nutter Home Loans to close (10/31/22) Finance of America to close Conshohocken, PA office, layoffs (10/28/22) Pennymac to lay off 20 in Pasadena, CA (10/28/22) Zillow to cut another 300 jobs, or 5% of company (10/26/22) Colonial Savings to lay off 54 workers in Orange County, CA (10/25/22) Finance of America Companies Inc. to discontinue forward mortgage originations via both retail and wholesale channels by the end of the year (10/24/22) Collins Community Credit Union laid off 38 employees in Cedar Rapids, Iowa (10/15/22) Finance of America to shutter wholesale and correspondent lending channels (10/11/22) Summit Funding to cut 72 jobs in Sacramento, CA (10/11/22) BayFirst Financial to cut another 20 jobs in Florida statewide (10/11/22) Angel Oak Home Loans cut 15% of staff (10/7/22) Lower.com layoffs (10/5/22) Keller Mortgage layoffs (10/4/22) BayFirst Financial to cut 58 jobs in Clearwater, FL (9/29/22) Angel Oak Mortgage Solutions cut 75 jobs, or about 20% of staff (9/28/22) BayFirst Financial to discontinue nationwide network of residential mortgage loan production offices (9/26/22) American Mortgage Service Company to be acquired by Thrive Mortgage (9/26/22) Compass to lay off 271 workers in Seattle (9/21/22) Ruoff Mortgage to slash 4.6% of its workforce (9/16/22) Citi cuts mortgage jobs (9/2/22) AmeriSave Wholesale Mortgage Solutions shutting down (9/2/22) Homepoint to lay off 526 employees in TX (9/2/22) RoundPoint Mortgage Servicing Corp. to cut 74 jobs in Melville, NY (9/2/22) Homepoint to cut 113 jobs in Chandler, AZ (9/1/22) Homepoint to cut 57 jobs in Clearwater, FL (9/1/22) Suburban Mortgage appears to have closed its doors (9/1/22) Wells Fargo to lay off another 75 workers in Des Moines area (9/1/22) Better Mortgage to cut another 200+ jobs (8/25/22) Mountain West Financial ceases wholesale lending (8/24/22) Movement Mortgage acquires mortgage brokerage Superior Rate Mortgage (8/24/22) Reali to shut down, 132 layoffs in San Mateo, CA (8/24/22) Blend Labs laid off 400+ employees (about 25% of workforce) (8/16/22) Panorama Mortgage Group acquires Lone Peak Lending (8/15/22) Cypress Mortgage Capital, Inc. shut down (8/12/22) Celebrity Home Loans exits correspondent lending (8/11/22) loanDepot to shutter wholesale lending channel (8/9/22) Envision Bank mortgage layoffs (8/4/22) Matrix Financial Services Corp. to acquire RoundPoint Mortgage Servicing Corp. (8/3/22) New American Funding cut 300 jobs (8/2/22) Wells Fargo to cut 82 jobs in Des Moines area (7/28/22) Pennymac to cut 32 jobs in Thousand Oaks, CA (7/21/22) Flyhomes to reduce staff by 20% (7/20/22) Texana Bank to cut 58 jobs in Irvine, CA (7/15/22) loanDepot to cut approximately 4,800 jobs in 2022 (7/12/22) Sprout Mortgage to shut down, lay off 400 employees (7/7/22) Wells Fargo to cut 107 jobs in Des Moines area (7/6/22) Redwood Trust acquires Riverbend Lending (7/5/22) AnnieMac Home Mortgage acquires OVM Financial (6/30/22) First Guaranty Mortgage Corp. files Chapter 11 bankruptcy (6/30/22) Mid America Mortgage, Inc. to rebrand as Click n Close (6/25/22) First Guaranty Mortgage Corp. cut 428 jobs in Plano, TX (6/24/22) Barclays to acquire Kensington Mortgages (6/24/22) Chase to cut 1,000 home lending jobs (6/22/22) HomeLight acquires Accept.inc (6/16/22) Notarize let go of 25% of staff (6/15/22) Compass to cut 10% of its workforce (6/14/22) Redfin to slash nearly 500 jobs (6/14/22) Priority Mortgage to merge with Doorway Home Loans (6/10/22) Wyndham Capital Mortgage to cut 48 jobs in Charlotte, NC (6/9/22) Real Genius (FirstBank) laying off 74 employees in Charlotte, NC (6/2/22) Tomo cuts 44 jobs (6/1/22) Real Genius (FirstBank) laying off 35 employees in Nasville, TN (5/31/22) Panorama Mortgage Group acquires Rely Home Loans (5/31/22) Wells Fargo cut roughly 90 mortgage jobs in Des Moines area (5/24/22) Nationstar Mortgage (Mr. Cooper) cutting 120 jobs in Santa, Ana CA (5/20/22) Mid America Mortgage to sell its retail channel to Legend Lending (5/16/22) Panorama Mortgage Group acquires Vision Mortgage Group (5/13/22) Pennymac cut 69 jobs in Pasadena, CA (5/6/22) Intercontinental Exchange (ICE) to acquire Black Knight, Inc. (5/4/22) Costco Mortgage program no longer available as of May 1st, 2022 (5/1/22) Mr. Cooper cut roughly 250 jobs during Q1 2022 Planet Home Lending to acquire Homepoints correspondent lending business (4/29/22) Primis Bank to acquire SeaTrust Mortgage Company (4/28/22) Owning to cut 189 jobs in Orange, CA Union Home Mortgage layoffs in Strongsville, OH Flagstar Bank cut 20% of mortgage staff (420 jobs) Rocket Mortgage offering buyouts to 8% of staff USAA Bank cut 90+ mortgage jobs National Bank Holdings Corporation to acquire Bank of Jackson Hole Movement Mortgage layoffs (based on industry reporting) PennyMac to cut 227 jobs in Agoura/Moorpark/Westlake, CA Prospect Home Finance to cut 5 jobs in La Jolla, CA PennyMac to cut 81 jobs in Roseville, CA All Cal Financial to merge with InstaMortgage Knock to reduce its workforce by approximately 46% Better Mortgage to cut additional 3,000 jobs in United States and India TD Bank to acquire First Horizon Corp. Ellington Financial to acquire reverse mortgage lender Longbridge Financial WinnPointe Corporation dba Interactive Mortgage to cut 51 jobs in Orange, CA Santander Bank halts all mortgage lending including HELOCs, layoffs (2/2/22) KKR to acquire Merchants Mortgage Trust & Corporation, LLC Mortgage Solutions Financial to acquire First American State Bank, will change name to MSF Bank Redfin to acquire Bay Equity Home Loans, 121 layoffs (1/11/22) Stearns Wholesale to shut down, 348 layoffs (1/6/22) Zillow cut 32 jobs in Coppell, TX (1/3/22) Genpact Mortgage Services Inc. cut 14 jobs in Irvine, CA Texas Partners Bank to acquire Legacy Mutual Mortgage Eustis Mortgage Corporation to acquire Signature Mortgage Corporation Better Mortgage to cut roughly 900 jobs (9% of staff) Interfirst Mortgage to cut 77 jobs in Charlotte, NC Opendoor to acquire RedDoor Zillow Offers shut down, 25% of staff to be let go First Federal Community Bank to acquire Lighthouse Mortgage Armed Forces Bank to acquire residential mortgage operations of KS StateBank Athene to acquire non-QM lender Newfi New Residential Investment Corp. to acquire Genesis Capital LLC U.S. Bank to acquire MUFG Union Bank Arcus Lending changes name to InstaMortgage Figure to merge with Homebridge Financial Services Better Mortgage to acquire U.K. based broker Trussle, 1-800-East-West Mortgage Co. suspended operations, cut roughly half of staff 1st Alliance Lending shut down 1st Alliance Lending cut as many as 35 jobs in Hartford, CT 1st American State Bank of Minnesota shut by FDIC 1st Choice Mortgage to close, layoffs 1st Commerce Bank (Las Vegas) closed by FDIC 1st New England Mortgage Corp. filed bankruptcy 1st Pacific Bank of California shut by FDIC 1st Regents Bank shut by FDIC 1st Reverse Financial to close 360 Mortgage Group no longer accepting applications Aames Investment Corp acquired by Accredited Home Lenders ABN Amro Mortgage 1700 layoffs ABN-Amro Hypotheken-Gruppe stopped lending in Germany Academy Mortgage Corp. acquired First Mortgage Company Academy Mortgage Corp. acquired Republic Mortgage Home Loans Ace Mortgage Funding shut down Accenture cut 45 Charlotte jobs thanks to slowdown in refinancing Accenture purchased software company Mortgage Cadence Access Bank shut by FDIC Access National Corporation closed Denver mortgage production branch, potential layoffs Accredited Home Lenders filed bankruptcy Accredited Home Lenders ceased wholesale lending for second time in Aug 2008 Accredited Home shut down retail lending, ceased wholesale, Lone Star lawsuit Accredited Home shut down retail lending business, agreed to Lone Star buyout Accredited Home Lenders shuts four operations centers, layoffs Accredited Home Lenders cuts 38 jobs in Cincinnati ACC Capital Holdings mass layoffs, closed Ameriquest, sold wholesale to Citigroup Acoustic Home Loans subprime wholesale lender closed its doors ACT Mortgage Capital suspended all submissions/funding until further notice Adfitech Inc. laid off 320 workers Advanta Bank Corp. shut by FDIC Advantage Home Loans closed Advent Mortgage merged with New Equity Mortgage AIG sold United Guaranty Corp. to Arch Capital Group AIG bought Equity One Aegis Funding closed, seeking bankruptcy protection Aegis Mortgage Corp. laying off 401 employees Affiliated Mortgage shut its correspondent lending division, cut 31 jobs Affinity Bank (CA) shut by FDIC Aklero Risk Analytics Inc. merged with NYLX, create LoanLogics Alabama Trust Bank, National Association shut by FDIC All American Bank shut by FDIC Allegiance Bank of North America shut by FDIC Allendale County Bank shut down by FDIC Alliance Bancorp closed, filed for Ch.
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