National Mortgage Professional Sprout Mortgage Shuts Down - 300 Employees Let go Sprout Mortgage was averaging $380 million a month in loan volume before it abruptly shut down on Wednesday. "Everything was going great. Non-QM lender HomeXpress Mortgage just had a layoff on 8/9/22curious to know how many were affected. In a companywide conference call, Sprout President Shea Pallante broke the news of the company's immediate closure to its hundreds of . He informed the staff that the company would close its doors immediately including both its retail and wholesale divisions, the employees said. I work there. Sprout had already instituted several rounds of job cuts in the months leading up to the shutdown. 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) That was a month ago. Such borrowers also find solace in non-QM lenders. Check back for updates on this breaking news story. TinyWOW: Get free versions of tools you usually pay for. AmeriFirst Home Mortgage laid off ~100 people. Or did they think the housing market would keep going up forever? Were confident that the non-QM sector and Sprout in particular will not only ride out the turbulence but outperform expected growth rates.. Cardinal Financial Company/Sebonic did 5 or 6 rounds of layoffs no including the 1st 2 rounds that started at Q4 2021. The status of loans in Sprouts pipeline was not immediately clear. 7 bankruptcy Liberty One Lending ceased operations LIME Financial Services (Credit Suisse wholesale) ceased lending LIME Financial Services, Ltd sold to Credit Suisse, downsized from 450 to 225 Lincoln Park Savings Bank shut by FDIC Live Well Financial, Inc. halted mortgage lending Lloyds TSB to buy Halifax Bank of Scotland for $22 billion Loancity closed 7 branches, shut down loanDepot and imortgage.com merged loanDepot acquired Mortgage Master, Inc. Loans 123 no longer taking anymore business London & Scottish Mortgages (LSM:UK) stopped accepting new applications Lone Star facing lawsuit over purchase of Accredited Home Lenders Lone Star to buy Bear Stearns Residential Mortgage Corp. Long Beach Mortgage Co. (WAMU) winding down operations Long Mortgage lost financing, parent First Magnus trying to dissolve unit Los Padres Bank shut by FDIC LowerMyPayment.com closed, mortgage lead company Lownhome Financial closed LRES acquired Lenders Choice Luminent layoffs, two default notices, selling equity stake to Arco Capital Corp. Luminent Mortgage filed Chapter 11 bankruptcy Lydian Mortgage shut wholesale, layoffs Lydian Private Bank shut by FDIC M&T Bank cut wholesale mortgage jobs M&T Bank acquired Hudson City Savings Bank, 384 layoffs MacQuarie Mortgages USA halts loan origination MacQuarie Mortgages USA laid off 69 employees McIntosh Commercial Bank shut by FDIC McIntosh State Bank shut by FDIC Madisonville State Bank shut down MagnetBank shut down by FDIC Main Street Bank shut down by FDIC Mainstreet Bank (MN) shut by FDIC Mainstreet Savings Bank shut by FDIC Mandalay Mortgage closed Marco Community Bank shut by FDIC Maribella Mortgage closed Maritime Savings Bank shut by FDIC Market Street Mortgage layoffs Market Street Mortgage to be broken up and sold in pieces, 53 layoffs Marlin Mortgage Company, LLC shut it doors Marshall Bank shut by FDIC Master Financial layoffs, ceased wholesale production Maverick Residential Mortgage reportedly closed MB Financial to stop mortgage lending, cut 500+ jobs MCAN Mortgage Corporation acquired Xceed Mortgage (Canada) MEM Financial Solutions filed for bankruptcy Member First Mortgage acquired Platinum Financial Funding Mercantile Mortgage ceased operations Meridian Bank shut down by FDIC Meridias Capital layoffs, rumors of employees not being paid Meritage Mortgage closed, staff employed by LIME Financial Merrill Lynch bought First Franklin Merrill Lynch to cut 4,000 jobs Merrill Lynch halted all lending at UK subsidiary Wave, layoffs Merrlin Mortgage Corp. acquired by Heartland Mortgage Co. MetLife halted reverse mortgage lending, sold servicing rights to Nationstar Mortgage Metlife shut down its forward mortgage division, 4,000+ layoffs MetLife acquired EverBank Reverse Mortgage LLC MetLife to buy First Horizon mortgage unit MetLife Bank cut 116 jobs in Irving, Texas Metro Bank of Dade County shut by FDIC Metrocities Mortgage now Prospect Mortgage Metrocities Mortgage stopped wholesale lending Metrocities Mortgage acquired Mortgage Services Unlimited Metro Pacific Bank shut by FDIC MCAP Financial (Canada) suspended subprime lending through its Eclipse division MGIC bought rival mortgage insurance provider Radian Group (abandoned) MGIC Investment Corp. cut 19 jobs at Milwaukee headquarters Miami Valley Bank shut down by the FDIC Michigan Mutual cut 68 mortgage jobs in Southfield Mid America Mortgage, Inc. to purchase assets of American Southwest Mortgage Corp. and American Southwest Mortgage Funding Corp. Next lay offs will be Saturday 8/24/22. Queries, please write to [emailprotected]. Anyone know where I can find information on if Chase bought mortgages from Source One Mortgage Services Corporation? So, Ill definitely be looking at other industries personally.. Original mortgage with Advent filed 8/8/2007. ", The executive added, "We were good at closing loans; average was 15 to 22 days, and things were funding quickly. Number is unknown. While several media outlets have reported that Sprout Mortgage is shutting down, the company hasnt officially confirmed the news. Santander Bank just announced today that they are closing their entire home loans and HELOC divisions and will stop taking applications February 11th. They havent paid their employees either. They are no longer in business now. In the April 2022 issue of National Mortgage Professional magazine, Pallante was bullish on the Non-QM market. Top brass fired the ranks via video, taking no questions from stunned workers. Sprout Mortgage closes its doors. Metrociti issued loan on a Mexican residence, probably Homecomings Financial got it somehow around Feb 03, then payment went to GMAC from Aug 2010 until Ocwen since May 2013 and now is with another with whom we are trying to pay off and sell. Already lost one buyer and have another but can do nothing until lien is released. The company is among the fastest-growing non-QM (qualified mortgage) originators. Confirmed by friends that worked there :( I know Loan Depot has done several rounds of layoffs, Nations Lending Corporation did company wide round of layoffs 5/19/2022. Apparently they are merging with another company??? Good luck with your new gig! To all my network of business executives, I would tell you that we assembled a monster team of talent in IT in the past 12-24 months. On Aug 4, 2022 loandepot began their layoffs, not sure why PRMG is not included on your list of recent layoffs they did layoff several people- staff that has been there over 10 years. We are attempting to make first payment but I wanted to speak with someone at the company and I am unable to get through to anyone. In the latter, people with bad or low credit are extended the loans. Thanks. Rocket vs UWM. The meeting was supposed to take place in the morning but was abruptly postponed until 1:30pm, the fired employee, who requested anonymity, said. A. I had a mortgage loan with a company called AMC Mortgage Services in Santa Ana, CA. Former employees said Pallante held the conference call at 4:30 p.m. and said the lender would be shutting down immediately. We also use third-party cookies that help us analyze and understand how you use this website. I need a Lien Release.! 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. I would like to know when Residential Credit Solutions sent out of business or was acquired by Ditech. So everyone is left on the chat asking whats going on? Everyones confused asking are we getting paid tomorrow? Payday is literally today, and they dumped us yesterday. They cut a larger portion of people in June. What can I do to have this removed from title when the company no longer exists? The former executive who spoke with NMP said Sprout was well on its way toward dominating the Non-QM loan business nationwide. Thanks. U.S. mortgage rates, which fell to their all-time lows in 2021, have since climbed to multi-month highs amid the Federal Reserves rate hikes. The company informed the more than 300 workers of the shut down in a conference call on. I am trying to find out who is the successor of Colony Mortgage Corp. 11 bankruptcy Liberty American Mortgage halted wholesale lending LibertyBank shut by FDIC Liberty Home Lending ceased wholesale lending Liberty Mortgage Corp. ceased wholesale lending Liberty Mortgage Funding Co. filed for Ch. In addition, Sprout Mortgage alerted its 300 workers that it was shutting down in a conference call on July 6. I was one of those affected. How do I clear up a lien with a company that no longer exists? Does anyone know of a platform where you can set up notifications when mortgage affiliates post key layoff, acquisition or merger updates and/or news? Liked by Christine Moore. In an increasingly common barometer underscoring the state of the mortgage industry, Sprout Mortgage has laid off a sizable portion of its workforce after abruptly closing its doors this week leaving some 600 workers unemployed. While company officials were unreachable by the time the marketing director responded to MPAs query, several took to LinkedIn in effectively confirming the layoffs: All seemed well as recently as April, when Pallante spoke to MPA in discussing the supposed success of its non-QM line of business. Guaranteed Rate has also been laying off in the affiliate companies including Affinity and OriginPoint. A former wholesale account executive, however, told NMP that the company was trying to sell off $190 million in loans, but was able to sell only $90 million. Paid off a loan in 2009 to Alliance Financing Mortgage Corp, out of Mt. Guaranteed Rate is laying off again and it will be 300 or more. This has been under the radar and nothing in the news about it. Your email address will not be published. In an increasingly common barometer underscoring the state of the mortgage industry, Sprout Mortgage has laid off a sizable portion of its workforce after abruptly closing its doors this week. On June 30, First Guaranty Mortgage Company filed for Chapter 11 bankruptcy. CrossCountry Mortgage acquired PERL Mortgage, Inc. E-Trade exits wholesale mortgage business, Encore Credit merging with Bear Stearns Residential Mortgage, Finance of America Mortgage acquired Skyline Home Loans, First Magnus no longer funding or originating any mortgage loans, FNBA wholesale division and correspondent line shut down, Freedom Mortgage Corp. acquired J.G. Lien was never released and do not have proof of payment. Loansteady laid off about 30%+ of its staff and is now merging with Mutual of Omaha, Pennymac laid off 300 Underwriters as of Monday 5/9/2022, Homeowners Financial Group out of Arizona , laid off people on 5/2. Jason Dumke to help brokers grow their Non-QM business. Its big news. Would appear this was done to avoid the federal 60 day WARN Act notice. The refinancing market, which was strong in 2021 amid record-low rates, has particularly taken a beating as not many are looking to refinance at these rates. Trying to find the link between Metrociti Mortgage Corp. and GMAC sometime around Feb 2003, or before. If youve ever worked with me, I hope you know and have seen that Im a Swiss Army knife I write copy, strategize and launch campaigns, design, shoot and edit video, do voiceovers, lead and create social media. Awards contracts through $5M Sustainable Communities Innovation Challenge 2022. People may receive compensation for some links to products and services on this website. The executive who discussed Sprout's mortgage volume said that when the Teams meeting was announced, the thought was that Pallante would announce an acquisition, not that the company would close. NASB Home Loans just laid off about 37 of their 90 loan consultants and around 40 operations staff on November 3rd, 2022. The company also is facing a separate lawsuit from three former female employees who allege the company retaliated against them after their airing of workplace concerns. "Wall Street wasn't buying up Non-QM loans," the account executive said. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. How does loanDepot not make the list? Continue reading at National Mortgage Professional, Hopin 2nd Round of Layoffs 30% Workforce. EFI contributed about 85% of the loans, with the remainder contributed by a fund managed by Ellington Management Group L.L.C. NewDay USA offered severances of 1-mo and laid off a few dozen, Saw on linkedin from several contacts that Keller Mortgage had a pretty big layoff. The company pointed to the troubles in the mortgage refinance market as well as the weak mortgage purchase market. This is insane. They didnt take any questions. Prospect Mortgage acquired Indymac branches PSM Holdings, Inc. acquired Brookside Mortgage LLC Public Savings Bank shut by FDIC Pulte Homes 2,000 layoffs Pulte Mortgage layoffs Pulte Mortgage shutting Charlotte processing center, nearly 90 layoffs Putnam State Bank shut by FDIC Quality Home Loans filed for bankruptcy, sold to hedge fund manager Michael Klein Quick Loan Funding layoffs, now reported closed Quicken Loans suspended new hiring during the crisis Quicken Loans layoffs (250 jobs cut in 2008) Quicken Loans subsidiary In-House Realty purchased OpenHouse Realty Quicken and RockBridge acquired One Reverse Mortgage QuoteMeARate.com Inc. closed QHL Holdings Fund Ten LLC filed for bankruptcy R-G Premier Bank of Puerto Rico shut by FDIC Radian (mortgage insurer) cut 7% of its workforce Radian Group bought Clayton Holdings Rainier Pacific Bank shut by FDIC Randolph Savings Bank cut 16 mortgage employees (8% of staff) RAMS Home Loans (Australia) warned of profit losses after only two weeks on stock market Randolph Savings Bank acquired First Eastern Mortgage Ravenswood Bank shut by FDIC Reali acquired online direct mortgage lender Lenda Realty Mortgage shut down, 300+ layoffs Redfin cut workforce by approximately 7% Regions Bank acquired EnerBank USA Regions Financial Corp. sold wholesale lending division to M&T Mortgage Corporation Regions Financial Corp. exited correspondent lending channel Regions Financial Corp. closed warehouse lending unit Regions Financial Corp. shut Little Rock mortgage servicing facility Renasant Bank acquired FirstBanks wholesale mortgage division Renasant Corp. acquired Brand Group Holdings Renasant Corporation and First M&F Corporation merged Renovate America, Inc. laid off 71 in San Diego, CA Republic Federal Bank shut by FDIC Republic First Bancorp acquired Oak Mortgage Company ResiCentral Mortgage acquired One American Mortgage Residential Capital LLC filed for bankruptcy ResCap halts Dutch mortgage lending ResCap bankruptcy fears ResCap layoffs ResCap closed offices, cut 470 jobs Residential Capital LLC cutting roughly 1,000 jobs (GMAC company) Residential Finance of Columbus Ohio reportedly hacked 19 branches yesterday and a regional manager, per reader tip ResMae Mortgage Corp. cut 182 jobs in Brea ResMae Mortgage Corp. layoffs, bankrupt/for sale, closing Dallas facility ResMae Mortgage Corp. halted loan submission, cut over 150 jobs Residential Credit Solutions closed Fort Worth facility, 134 layoffs Residential Finance Corp. branch closures, layoffs, per Inside Mortgage Finance Residential Mortgage Capital suspends operations Residential Wholesale Mortgage, Inc. acquires Government Loan Center Resolute Bank shut by FDIC Resource Bank selling mortgage-related assets to Monarch Bank Resource Mortgage shuttered wholesale division Retreat Capital Management, Inc. cut 73 jobs in Dallas Reunion Mortgage shut wholesale office in Florida Reverse Mortgage Solutions Inc. closed office in Charlotte, 79 layoffs RFC layoffs Right Away Mortgage closed River City Mortgage to sell itself to Wintrust Financial Corp Riverside Bank of the Gulf Coast shut down by FDIC Riverside National Bank of Florida shut by FDIC Riverview Community bank shut down RockBridge Commercial Bank shut by FDIC Rock Holdings acquired majority stake in Lendesk Rock River Bank shut by FDIC Rooftop Mortgages (Bear Stearns UK mortgage unit) to close Rose Mortgage Corp. closed Rosemount National Bank shut by FDIC RoundPoint Mortgage cut 68 jobs in Rockville, Maryland RoundPoint Mortgage laid off 166 employees in Charlotte Royal Bank of Scotland laid off 24 employees in Stamford, CT Royal Bank of Scotland exited U.S. mortgage trading business, layoffs Royal Bank of Scotland cut about 300 jobs in mortgage trading business RPM Mortgage acquired Regency Mortgage Corp. Ruoff Financial (parent of Ruoff Home Mortgage) bought SBB Bancshares San Diego National Bank shut down San Joaquin Bank shut down San Luis Trust, FSB shut by FDIC Sanderson State Bank shut down by FDIC Santa Cruz Mortgage suspended operations indefinitely Santander Bank exited third-party mortgage business, 66 layoffs in Villanova, PA Satilla Community Bank shut by FDIC Saxon Mortgage wholesale closed, 1000 layoffs Saxon layoffs, closed correspondent unit Saxon Mortgage closed two loan servicing facilities in Texas, cut 680 jobs Saxon Mortgage Services cut 50 jobs in Texas SCB Bank shut by FDIC SCME ceases wholesale operations SCME Mortgage Bankers Inc. layoffs, branch closures Scottish RE large subprime exposure drops stock into dangerzone Sea Breeze Financial Services, Inc. Irvine, CA lender apparently closed Seaway Bank and Trust Company shut by FDIC Sebring Capital Partners closed Second Federal Savings and Loan Association of Chicago shut by FDIC Secured Bankers Mortgage Company halted operations Secured Funding closed Security Bank Corp. has six Georgia banks shut down by FDIC Security Bank, National Association shut down by FDIC Security Exchange Bank shut by FDIC Security National Servicing Corp. to cut 31 jobs Security Pacific Bank shut down by FDIC Security One Lending acquired OMNI Reverse Security Savings Bank shut down by FDIC Security Savings Bank, F.S.B. Hi, I am looking for information on National Financial Co. based in Highland Park, Illinois. On February the 18th 2022 American Pacific Mortgage had a layoff rumor has It of 226 employees. We are kind of pigeon holed it takes a tough person to ride this ride anyway! Sprout Mortgage is shutting its doors according to multiple employees. 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. Friday, July 8, 2022. Could have done this with more class. FYI-I was laid off from Nova Home Loans out of Tucson AZ. Why this site doesnt acknowledge is odd to me. Includes a branch closure. A growing number of former employees have since filed lawsuits complaining about the companys lack of a required advance notice to the layoffs as required under WARN Act provisions. Several staffers told HousingWire that Sprouts shut down occurred one day before pay day, and they did not receive their pay checks. Non-QM lender Sprout Mortgage is shutting down operations, multiple workers acknowledged on Wednesday. Same reason as everyone else rates and lower demand. The company informed the more than 300 workers of the shut down in a conference call on Wednesday, a former staffer said. Need a copy of the payment that was used to pay off a Mortgage for my parents home in 1995. Im angry about it, the employee told MPA the day after his firing on Thursday. What Mortgage Rate Can I Get With My Credit Score? 21 Things That Can Raise Your Mortgage Rate. Some of the employees who were informed that they are being laid off in the conference call on July 6 are also posting about the layoffs on social media. OBX 2023-NQM1 is a $405.2 million non-prime RMBS transaction. The timing of the call was confirmed by other former employees who also spoke anonymously with NMP.The former employees said Sprout President Shea Pallante conducted the meeting to break the news to all staff, which totaled more than 300 people. I think they acquired some parts of the company in early 2016. I have been in more lay offs than Id like to actually remember or count. Whats wrong with non-QM lenders and why are they shutting down? Not giving any severance packages, also not paying employees their accrued sick and vacation time. The cookie is used to store the user consent for the cookies in the category "Analytics". They lie to customers. Phone Number: (888) 418-8794. Any news about the amount/locations/departments of Penfed employees laid off? Ruoff Home Mortgage laid off 60+ people at corporate HQ in Fort Wayne, Indiana on May 11, 2022. Well, after seven layoffs, the hammer hit. Jul 07, 2022 Non-QM lender was doing $380M/month in loan volume, former executive says. It does not store any personal data. Hey Colin, Im not sure why you wont post about Amerifirst Financial Corporation? "Sprout President Shea Pallante informed the staff, which totaled more than 300 people, that the company would close its doors immediately - including both its retail and wholesale divisions". Do you know WHY our loan was transferred/sold, and what is Rushmores track record on giving loan modifications and/or principal reductions. A company official on Wednesday declined to confirm or deny the shutdown, and Pallante has not responded to a request for comment. When non-QM lender Sprout Mortgage abruptly shut down on July 6, more than 300 workers expected their last paychecks to be delivered the following day as scheduled. Write me, I am also in Santa Ana. Thank you. Scary times for all of us in the industry. Only discussing TMS and its future platform. Overall, it has been a perfect storm for mortgage lenders and even the larger players like Wells Fargo have been laying off employees. Unbeknown to us 14 days later a second loan was filed by TBW for same amount. Not sure why. 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. The company will layoff all employees. Knowing this was in the works for a couple months, why were you still recruiting and hiring? Mountain West Financial shut down their wholesale operations on 08/24/22. An attorney for Sprout meanwhile responded to two other lawsuits Tuesday, denying all accusations of wrongdoing but admitting for the first time the lender had shut down. At least 100 rumored layoffs at Supreme Lending headquartered in Dallas, TX since start of 2022. As SARAH said on May 18, 2022 at 11:59 am & ANONYMOUS said on May 27, 2022 at 6:50 am. The call was held the day before payday, employees said. They will be merging with Union Home Mortgage. Now, its about doing more with less and combining teams to one manager. Your email address will not be published. Seniority, nor tenure, nor high quality Underwriting pass rate, nor meeting production goals secured ones employment. Exact number is unknown, Homepoint has laid off over 1,000 employees this week. The only thing is its hard to get a sense for time for each of these events. 09/22/2022 Chase laid off 200 mortgage employees across retail and correspondent Channels. 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. "These were not risky loans. 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. Similar to what MOOGER MUNGER said, I am very happy to see the implementation of dates. In April, HousingWire chronicled the struggles of lenders in the non-QM space as rates surged. This cookie is set by GDPR Cookie Consent plugin. "It was a stark contrast to what we were going through.". Cash Out vs. HELOC vs. Home Equity Loan: Which Is the Best Option Right Now and Why? Sprout Mortgage announced Tuesday it is resuming its correspondent lending operations, effective immediately. Another Lender Shuts Down. Open Mortgage laid off 25 people back in March 2019. IT dept. HousingWire recently spoke with Adrian Prieto, SVP of wholesale and third-party relationships at Longbridge Financial, about the advantages of HECMs and how they better serve homeowners aged 62+. The timing of the call was confirmed by other former employees who also spoke anonymously with NMP. July 8, 2022 Subscribe Spotify On today's episode, Editor in Chief Sarah Wheeler talks with Managing Editor James Kleimann about layoffs at Wells Fargo and New Residential, and about the shut. Adding to lender woes were declining home values in almost every metropolitan area throughout the United States, sky-high home prices at time of origination, rising mortgage rates, rampant fraud, a deteriorating secondary market, and unmanageable mortgage payments. No doubt more are coming. Thanks Alan. Didnt realize it would grow this large though. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Toms River, New Jersey-based non-QM lender Family First Funding, unrelated to FirstFunding, sued Sprout in May for breach of contract for defaulting on a purchase of $5.1 . I have the personal cell number for the CEO of AMC (verified by phone call this morning). These cookies track visitors across websites and collect information to provide customized ads. ~60 people. (dba Amerifirst Home Mortgage, Ameriuno, & Ameritrust. SitusAMC just eliminated an unknown amount of positions. Another former employee said Sprout had done a reduction in force of 50 people in April, and laid off another 60 in June. I dont, maybe someone who visits this page will. According to the employee, who spoke on condition of anonymity, a companywide conference call on Wednesday was held virtually via Microsoft Teams at 4:30 p.m. Is this for the U.S., or globally? In the rapid-fire, volatile mortgage marketplace, lenders need technologies to help them remain nimble and successfully navigate constant change. AAG has laid off for the 2nd time this year AFTER assurance that jobs were secureHUNDREDS laid off! See nothing about Amerifirst Home Loan out of Kalamazoo, Michigan. The U.S. housing market has also weakened amid recession fears. Our daily newsletter is FREE and keeps you up to date with the world of mortgage. No class at all. I dont know how many in this 2nd round of layoffs. Pretty much just a skeleton crew left. Numbers are unknown but my guess they likely reduced workforce by about a third in total. This time its including managers in all departments. But opting out of some of these cookies may affect your browsing experience. vegasmax@yahoo.com 325-668-1015. Todays real estate technology stack What do you really need? There was no shady stuff in these loans. 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. The comment section is very helpful. Regardless, theyre not the great company I thought they were. I still am. First, it's important to understand non-QM lenders. Required fields are marked *. Nashville-based lender to focus on lending to borrowers with non-traditional income streams. They write business through UWM because of there low rates and they say rocket will market to your clients after you have funded their loans. Keep your eyes open and share with others who are in need of a job. My guess is theyre cutting the fat and prepping their balance sheet for a sale. Any help is appreciated. Academy Mortgage just shut down their Nebraska and New Mexico offices, no warning. It also blamed the lack of home inventory as well as affordability issues. Highlands Residential Mortgages corporate headquarters in Allen, texas also had layoffs and staff reductions. Discover Home Loans shuts down Ditech sold reverse mortgage business to Mortgage Assets Management, LLC Ditech closed St. Paul office, let go of 210 employees Ditech closed Rapid City, SD call center, cut 450 jobs Ditech cut 79 jobs as it closes Kennesaw, Georgia facility Ditech exited retail channel, ~200 layoffs Ditech closed San Antonio office, 78 layoffs Ditech cut 103 jobs in St. Louis area Ditech closed Irving, TX office and laid off 437 employees Ditech 181 layoffs Ditech cut 120 jobs at Costa Mesa, CA headquarters Dollar Mortgage Corp. being acquired by Shearson Financial Network Domestic Bank shutting down wholesale unit Doral Bank En Espanol shut by FDIC Douglas County Bank shut by FDIC Dover Mortgage Company shutting wholesale mortgage division Dover Mortgage Co. cut 17 employees Downeast Mortgage Corp. to shut down Downey Savings shut down by the FDIC Downey Savings shut wholesale channel Draper and Kramer Mortgage merged with 1st Advantage Mortgage LLC DuPage National Bank closed by FDIC Dwelling House Savings and Loan Association shut by FDIC eBank shut down by FDIC E-Loan/Banco Popular Wholesale Mortgage to cease lending E-loan closed sub-prime wholesale division, layoffs E-Loan layoffs E-Trade exits wholesale mortgage business E-Trade to halt mortgage lending Earl Shilton building society (UK) halts mortgage lending Earthstar Bank shut by FDIC Eastern Financial Florida Credit Union put in conservatorship Eastside Commercial Bank shut by FDIC Edgebrook Bank shut by FDIC Edgewater Lending Group halts wholesale lending Edward Jones Mortgage shut down, 200+ possible layoffs Egg Mortgages (Citi-owned UK finance unit) no longer accepting applications Elizabeth State Bank shut by FDIC Ellie Mae acquired AllRegs Ellie Mae acquired MortgageCEO Empire Bancorp Mortgage Bankers shut down Encore Bank laid off 300 employees ECC Capital/Encore Credit sold to Bear Stearns, 100 layoffs announced Aug. 17 Encore Credit laid off 100 Account Executives at wholesale unit in Irvine, CA Encore Credit merging with Bear Stearns Residential Mortgage Enterprise Financial Services bought Gorman & Gorman Home Loans Entrust Mortgage closed Equibanc closed by Wachovia Equifirst shutting down Equifirst layoffs, bought out by Barclays Bank PLC EquiFirst cut 64 jobs in Arizona Equipoint halted wholesale lending, shut 70+ branches Equitable Mortgage merged into Flat Branch Home Loans Equitable Reverse Mortgage closed doors Equitable Trust Mortgage Corp. suspended by FHA Equity One (a unit of Popular Inc.) cut 147 jobs in Marlton, NJ Equity Title (owned by Coldwell Banker) layoffs Eurobank shut by FDIC Evansville Teachers FCU acquired First Liberty Financial Mortgage EverBank laid off 302 employees in Jacksonville EverBank Financial ceased wholesale lending, closed three operations centers in Dallas, Jacksonville, and Sacramento while cutting 150 jobs Evergreen Bank shut by FDIC Evergreen State Bank shut by FDIC Excel Bank shut by FDIC Exchange Financial temporarily discontinuing its Wholesale/Correspondent business eXp Realty reduced headcount by approximately 15% Expanded Mortgage Credit closed wholesale Express Capital Lending not accepting new submissions until further notice Family First Mortgage Corp. ceases operations, layoffs Fannie Mae 200 layoffs Fannie Mae consolidated three Dallas offices, possible layoffs Fannie Mae and Freddie Mac bailed out Farmers and Traders State Bank shut by FDIC Fayette County Bank shuttered by FDIC FBR Capital Markets cut 75 jobs FBR selling subprime unit Federal Home Loan Bank of Seattle merged with the Federal Home Loan Bank of Des Moines Federal Savings Bank acquired Baytree National Bank & Trust Fenway Summer merged with Ethos Lending Fidelity Bank shut by FDIC Fidelity Homestead Savings Bank purchased NOLA Lending Group LLC Fidelity National Financial to buy LandAmerica (large title companies) Fidelity National Financial terminated LandAmerica merger Fidelity National Information Services cut 35 jobs in Jacksonville Fidelity Trust Bank selling residential mortgage company Fidelity Trust Mortgage Inc. Fieldstone Mortgage bankruptcy Fieldstone Mortgage Co. halted new business, closed Las Vegas branch, layoffs Fifth Third Bank closed 44 Chicago-area branches Fifth Third Bank ceased wholesale mortgage lending Fifth Third Bank wholesale mortgage layoffs in Charlotte, NC as refinance demand wanes Fifth Third Bank 700 layoffs Fifth Third to discontinue Alt-A lending Finance America closed Finance of America acquired wholesale lending assets of Parkside Lending LLC Finance of America closed Roseville, CA office, 33 layoffs Finance of America Mortgage acquired Skyline Home Loans Financial Freedom cut 65 jobs in Irvine, CA office Financial Title Company closing, layoffs Firstar Bank acquired assets of Leader Mortgage First Advantage acquired CredStar First American Bank to cease wholesale lending First American Corp. (title insurer) layoffs at 1,900 First American Financial purchased Interthinx First American Title Insurance cut 116 jobs in Santa Ana, CA First Arizona Savings shut by FDIC FirstBank acquired Franklin Synergy Bank FirstBank sold correspondent lending unit to Rushmore Loan Management Services LLC FirstBank purchased wholesale mortgage division of StellarOne Corp. FirstBank to shut down wholesale mortgage division Oct. 31 FirstBank Financial Services shut down by FDIC FirstCity Bank shut down by FDIC FirstLine Mortgages (Canadas largest mortgage broker) stopped mortgage lending First Bancshares acquired The Mortgage Connection, LLC First BankAmericano shut by FDIC First Bank of Beverly Hills shut down by FDIC First Bank of Idaho shut down by FDIC First Bank of Jacksonville shut by FDIC First Bank of Kansas City shut down by FDIC First Banking Center shut by FDIC First Banks of St. Louis bought Coast Bank First California Mortgage Company shut down, layoffs First Capital Bank shut by FDIC First Centennial Bank shut down by FDIC First Cherokee State Bank shut by FDIC First Choice Bank shut by FDIC First Choice Community Bank shut by FDIC First Choice Loan Services, Inc. ceased operations, for sale First Collateral Services (Citi) 126 layoffs First Collateral Services (Citi) cut 150 jobs First Commerce Community Bank shut by FDIC First Commercial Bank shut by FDIC First Commercial Bank of Florida shut by FDIC First Commercial Bank of Tampa Bay shut by FDIC First Community Bancorp layoffs First Community Bank shut by FDIC First Community Bank of Southwest Florida (Community Bank of Cape Coral) shut by FDIC First Community Mortgage (FCM) acquired a Mortgage Boutique (AMB) First CornerStone Bank shut by FDIC FirsTier Bank shut by FDIC First Consolidated Mortgage Co. subprime wholesaler shutting down, in dispute First Coweta Bank shut down by FDIC First Direct Lending stopped accepting applications First DuPage Bank shut down First East Side Savings Bank shut by FDIC First Federal Bank shut by FDIC First Federal Bank of California halted wholesale lending First Federal Bank of California shut by FDIC First Federal Bank of North Florida shut by FDIC First Fidelity Financial closed its doors First Financial Bank buy 4Trust Mortgage First Franklin to be shut down, 650 layoffs First Franklin Financial layoffs, sold to Merrill Lynch First Franklin firings/layoffs rumored First Georgia Banking Company shut by FDIC First Georgia Community Bank shut down by FDIC First Guaranty Bank and Trust Company of Jacksonville shut by FDIC First Guaranty Mortgage Corp. acquired goodmortgage.com First Guaranty Mortgage Corp. cut 82 jobs in Frederick, MD First Heritage Bank shut by FDIC First Horizon shut down mortgage operations First Horizon cutting 1,500 jobs, closing 50 offices First Horizon National Corp. divested its subprime mortgage loan portfolio First Horizon discontinued national construction and commercial lending, 160 layoffs First Horizon to sell or shut down mortgage unit First Indiana Wholesale closed wholesale consumer lending operations First Integrity Bank shut down by FDIC First International Bank shut by the FDIC First Lowndes Bank shut by FDIC First National Bank of Crestview shut by FDIC First National Bank (Rosedale, MS) shut by FDIC First Madison Mortgage shut down First Magnus no longer funding or originating any mortgage loans First Mortgage Corp. shut down, Freedom Mortgage to acquire select assets/employees First National Bank shut by FDIC First National Bank of Arizona halts retail mortgage lending, 35 layoffs First National Bank of Danville shut by FDIC First National Bank of Davis shut down by FDIC First National Bank of Florida shut by FDIC First National Bank of Georgia shut by FDIC First National Bank of the South halts wholesale lending First National Bank of the South shut by FDIC First National Mortgage Sources shut down First NLC bankrupt, halts lending First NLC Financial Services LLC 645 layoffs First Mariner Bancorp closed its wholesale mortgage lending unit First National Bank (also operating as The National Bank of El Paso En Espanol) closed by FDIC First National Bank of Anthony shut by FDIC First National Bank of Arizona shut down by FDIC First National Bank of Central Florida shut by FDIC First NBC Bank shut by FDIC First Niagara Financial Group, Inc. closed mortgage processing office in Syracuse, 14 layoffs First PacTrust Bancorp, Inc. acquired Gateway Bancorp First Peoples Bank shut by FDIC First Piedmont Bank shut by FDIC First Priority Bank closed by FDIC First Regional Bank shut by FDIC First Security Loan Corp. to shut down First Security National Bank shut by FDIC First Source Funding Group closed First Southern Bank shut by FDIC First Southern National Bank shut by FDIC First State Bank shut by FDIC First State Bank (AZ) shut down by FDIC First State Bank (Sarasota) shut by FDIC First State Bank of Altus shut by FDIC First State Bank of Winchester shut by FDIC First Street Financial closed First Suburban National Bank shut by FDIC First United Bank shut by FDIC First Vietnamese American Bank shut by FDIC Fitch Ratings to cut 150 jobs Flagship National Bank shut down Flagstar Bank acquired 52 Wells Fargo bank branches Flagstar Bank acquired certain assets of Opes Advisors Inc. Flagstar Bank cut roughly 600 jobs thanks to slowing mortgage business Flagstar Bank layoffs total 300 in Troy, MI due to outsourcing Flexpoint Funding reportedly closed wholesale division, now completely shut down Flick Mortgage closed FMF Capital LLC closed Florida Community Bank shut by FDIC FNBA wholesale division and correspondent line shut down, 541 layoffs Fort Lee Federal Savings Bank, FSB shut by FDIC Fortes Financial halted lending Fortes Financial acquired five former National City regional wholesale offices Founders Bank shut by FDIC Foxtons, Inc. filed Chapter 11 bankruptcy Franklin American suspends jumbo wholesale lending Franklin Bank shut down by FDIC Franklin Bank Corp. closing warehouse line, layoffs Franklin Credit Management Corp. suspends loan acquisition and origination Franklin First Financial shut down Freddie Mac cut 100+ jobs Freedom Bank shut down by FDIC Freedom Bank of Georgia shut down by FDIC Freedom Financial shutting down Freedom Mortgage Corp. acquired J.G.