I can confirm that Premium Mortgage Corporation has had three rounds of layoffs in the last 10 months. The past meetings I had were about the laying off the ones not being productive. We are kind of pigeon holed it takes a tough person to ride this ride anyway! Not giving any severance packages, also not paying employees their accrued sick and vacation time. Layoffs are coming to Fifth Third Bank in a number of departments, though it remains unclear how many workers will be impacted. Strong Home Mortgage, a preferred and participating Costco lender, just laid off 25% of their production staff yesterday (4/7/22) which was 30 loan officers nationwide. That group either said they had done enough already, talked down the need to announce big cost-control programs or emphasized the importance of investing in the future. client paid off mortgage in 2005 with Chapel Mortgage and of course a satisfaction was never recorded. 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. Shared on March . SitusAMC just eliminated an unknown amount of positions. 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. It does not constitute the rendering of legal, accounting, or other professional services by Fifth Third Bank, National Association or any of their subsidiaries or affiliates, and are provided without any warranty whatsoever. I cannot recall who bought Round point in 2006-2007. Associated Banc-Corp in Green Bay, Wis., is planning to cut at least $30 million in annual expenses, according to a regulatory filing this week. vegasmax@yahoo.com 325-668-1015. I dont, maybe someone who visits this page will. Not sure how many over all because they somehow keep it out of the news. In Ohio, total commercial loan balances dropped 7% to $7 billion from $7.6 billion in 2020. Trying to find who acquired ICA acquired by American Residential Mortgage Company around Pa. Sierra Pacific Mortgage actually closed the branches they opened in CO after 5 months. As of Dec. 31, 2021, Fifth Third had $211 billion in assets and operated 1,117 full-service banking centers and 2,322 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan . Lendus formerly Rpm that had to pay a huge fine of 20mm to the cfpb finally folded. Just a comment; Ive been in the mortgage industry just under 30 years. But they were told they need to finish out the day because the layoff isnt effective until July 1st. The company attributed some of that increase to expenses associated with increased activity in mortgages, capital markets and other lines in the third quarter. 10-K. CONTACT US. I dont know how many in this 2nd round of layoffs. DE Senior Underwriter (Former Employee) Dayton, OH September 4, 2018. 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. Billions were lost to fraud during PPP. Thanks Alan. All Rights Reserved. Do you know what is going on with this company? The company expects to find the majority of those savings through initiatives including a 20% reduction in corporate real estate, renegotiation of vendor contracts and staff reductions. Simply put, mortgage companies must rightsize as too many players chase far too few loans. 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. Fifth Third Bank Review About 75 employees. Citigroup, too, plans to reduce staffing levels to save money as it confronts revenue challenges brought on by the pandemic, plans another provision to loan-loss reserves and has to invest in new risk controls under pressure from regulators. This isnt required, but it does encourage employees to hang in there in hopes of returning to work as soon as possible. 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. Totally true about Situs, I witnessed it while the person was going through this, not a good way to lay off, dont you think? The party came to an abrupt halt when home values plummeted in nearly every metropolitan area throughout the United States. Bank of America - cut 70 mortgage jobs in Simi Valley, CA. The furloughed workers are on unpaid leave for an undetermined amount of time and keep their benefits. It sure opened my eyes to look for another industry. Management did not elaborate on criteria used to determine who would be affected. Guaranteed Rate is getting ready to do two large layoffs before the Holidays. The comment section is very helpful. Required fields are marked *. Please help me. 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? Lastly, its important to note that furloughs dont provide any sort of guarantee that youll bring an employee back. 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. Guaranteed Rate laid off more employees on Wednesday, May 11, 2022. Member FDIC. Knowing this was in the works for a couple months, why were you still recruiting and hiring? Consumer behavior before COVID was already migrating to digital channels. Are Federal Home Loan Bank advances a sign of distress? Putting people on opportunity letter giving them an opportunity to stay in production based role if you meet a set goal. Given how hard the pandemic has hit some industries and individual companies, many business owners do need to lay people off. Not in bankruptcy? 8-K. Current report filing. Rumor is they closed mutiple locations. Interfirst Mortgage Co. did layoffs in Nov. 2021, March 2022 and May 2022. Lately, Ive seen a surge of user comments from former mortgage employees who have been laid off. As SARAH said on May 18, 2022 at 11:59 am & ANONYMOUS said on May 27, 2022 at 6:50 am. Paid off a loan in 2009 to Alliance Financing Mortgage Corp, out of Mt. Crosscountry Mortgage is not on the layoffs list, but they are/have been axing people left and right, just before the grand opening of the new home office. I believe HSBC shuttered Beneficial years ago during the crisis. Per Reuters, layoffs will affect less than 3% of employees. need help to find who acquired and when Commodore Financial Services Corp., Dallas Texas and if it was Matrix Financial Services Corp., Dallas or wherever. Non-QM lender HomeXpress Mortgage just had a layoff on 8/9/22curious to know how many were affected. Unbeknown to us 14 days later a second loan was filed by TBW for same amount. Redfin cuts another 200 jobs (4/13/23) First Federal to purchase BNC National Banks mortgage business assets (4/12/23) Homepoint to halt loan origination, sell wholesale lending business to The Loan Store (4/7/23) Citizens Bank mortgage division layoffs in NYC (4/4/23) per TheRealDeal SoFi has acquired Wyndham Capital Mortgage (4/3/23) Homebridge Financial Services to lay off 139 employees in South Iselin, NJ (3/31/23) First Citizens Bank & Trust to acquire Silicon Valley Bridge Bank (3/27/23) Bank of America cut loan officer jobs (3/24/23) Family First Funding acquired by AnnieMac Home Mortgage (3/22/23) UBS acquires Credit Suisse (3/19/23) Flagstar Bank acquires deposits, loan portfolios, and branches of Signature Bridge Bank (3/19/23) CoStar Group, Inc. cuts 62 jobs in San Diego (3/14/23) Guild Mortgage acquires Cherry Creek Mortgage (3/13/23) Silvergate Bank to lay off 260 employees in La Jolla, CA (3/13/23) Signature Bank closed by the NYDFS (3/12/23) Silicon Valley Bank shut by the FDIC (3/10/23) Impac Mortgage converts consumer direct division into a mortgage broker fulfillment model (3/8/23) Silvergate Bank to wind down operations (3/8/23) Finance of America to cut 48 jobs in Roseville, CA (3/8/23) North American Savings Bank (NASB Financial Inc.) to lay off 85 across Missouri (3/7/23) CMG Mortgage, Inc. to acquire the retail division of Homebridge Financial Services (3/6/23) 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) EagleBank laid off 36 in Rockville, MD (2/15/23) 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) Panorama Mortgage Group laid off 50 in Las Vegas, NV (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) AnnieMac closes wholesale lending channel, possible layoffs (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 laid off 198 workers in East Providence, RI (2/3/22) 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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