Cash Call Mortgage layoffs in Orange County, CA Evansville Teachers FCU acquires First Liberty Financial Mortgage Ocwen Financial Corp.
to cut 54 jobs in Fort Washington, PA Homebridge Financial Services to acquire Prospect Mortgage West Star Bank acquires assets of Cimarron Mortgage Capital Allied Bank shut by FDIC Royal Bank of Scotland to lay off 24 employees in Stamford, CT Granite Bank to acquire Cousins Home Lending PHH Mortgage Corp.
Even though it has been roughly a decade since the downturn began, mortgage companies are still facing the consequences of getting involved in what was then a very risky housing market.
Amazingly, we continue to see layoffs and closures driven by what transpired many years ago.
Vanderbilt Mortgage and Finance to buy Silverton Mortgage Specialists Movement Mortgage to cut 75 mortgage jobs nationwide Nationwide Bank to cut 50 jobs from mortgage division in Des Moines PHH Mortgage Corp. Laurel, NJ So Fi cutting 65 jobs at mortgage centers in Healdsburg, CA, and Cottonwood Heights, UT Harbor One Bank acquires Cumberland County Mortgage Guild Mortgage to acquire Cornerstone Mortgage Randolph Savings Bank cutting 16 mortgage employees (8% of staff) Wintrust Mortgage acquires Veterans First Mortgage Atlantic Bay Mortgage cuts a dozen jobs New Residential acquires Shellpoint Partners (New Penn Financial) U. Bank exiting wholesale mortgage lending First Guaranty Mortgage Corp.
to cut 82 jobs in Frederick, MD Mid America Mortgage, Inc.
S., layoffs Bank United halts retail mortgage lending, layoffs Ditech to exit retail channel, ~200 layoffs Finance of America Mortgage to exit correspondent channel Fannie Mae to consolidate three Dallas offices, possible layoffs First Bancshares to acquire The Mortgage Connection, LLC Wells Fargo to cut 122 mortgage jobs in San Bernardino Wells Fargo to relocate ~350 mortgage servicing workers from Charlotte to Fort Mill, S.
C Stonegate Mortgage to close 47 retail branch locations Bank of America to cut roughly 100 mortgage jobs in Charlotte Green Tree Servicing cutting 31 jobs in Birmingham, AL First Mortgage Corp.
– shut down, layoffs All Fund Mortgage – rumored to be closed, acquired by Carlile Investments Inc.
to acquire Peoples Bank, which will sell or shut its national mortgage business by the end of 2017 Sindeo to close its doors, majority of staff laid off Movement Mortgage to acquire First State Bank (VA) Hanna Holdings Inc. Stearns Lending to acquire wholesale, non-delegated correspondent, and consumer-direct businesses of Primary Capital Mortgage, LLC Fayette County Bank shuttered by FDIC Guaranty Bank (DBA Best Bank in Georgia & Michigan) shut by FDIC First NBC Bank shut by FDIC HSBC Finance to lay off 357 workers in Brandon, FL, and 150 in Chicago Flagstar Bancorp Inc. to cut 33 jobs in Mount Laurel, NJ Stearns Lending to exit delegated correspondent lending, selling unit to Flagstar Seaway Bank and Trust Company shut by FDIC Home Point Financial Corp. Harvest Community Bank closed by FDIC Wyndham Capital Mortgage laid off 78 staff in Charlotte PHH Mortgage Corp.
to cut 80 jobs in Amherst, NY, eventually close office in 2017 Homeward Residential combines wholesale/correspondent sales divisions, possible layoffs?
So why are all these mortgage companies consolidating, laying off employees, sending out scary warnings, and going out of business?
Well, a recent statistic revealed that 2.33% of all US mortgages are currently delinquent, a number which is sure to rise over the next several years.