Maryland Mortgage Laws

Mortgage Imploding Jobs Implode-o-meter 2022

The next Implodometer Tragic News for many great people

Layoffs since April 2022

Call Centers Firing 2000 employees and keeping four to man the phone.
Processing and Underwriting jobs slashed Nationwide.
Loan Originators who do not have purchase business self generated are let go.
Those who worked in a call center were not allowed to bring their phone in and have no book of business. Borrowers who have 2.75 aren't doing cash out refinances at 5.5

We now exceed 210302 layoffs in Mortgage as of 7/7/2022

If you have anything to report or a job offering please comment.

List is in order of happening in May 2022

• Wells let go 3127
• Live Well Financial shut down/ 
• Bank of America 3989 fired
• JPM Chase 1800  laid off
• Flagstar 199 laid off
• Pennymac 54 jobs gone
• Ocwen 701 already and plans to cut 1600 more
• Mr Cooper 251 jobs and more planned for next week
• Blend 201 employees laid off which is 11% of the total
• Better 4000+ and is expected to shut doors
• Homepoint sold correspondent to Planet Home Lending and 94 layoffs
• Primis Bank to acquire Sea Trust Mortgage Company 22 layoffs
• Owning to cut 189 jobs in Orange, CA
• Union Home Mortgage layoffs in Strongsville, OH 188 people
• CrossCountry Mortgage to acquire LendUS so far 171 gone
• Flagstar Bank cut 20% of mortgage staff (420 jobs)
• Rocket Mortgage offering buyouts to 8% of staff or 2888 people
• Blend Labs to lay off 200 employees
• USAA Bank cut 90+ mortgage jobs
• Wyndham Capital Mortgage layoffs 35  LO's and 15 staff
• Strong Home Mortgage layoffs 
• Supreme Lending layoffs (per user comment below)
• First Guaranty Mortgage Corporation/Goodmortgage layoffs (per user comment below)
• American Pacific Mortgage layoffs (per user comment below)
• 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%
• 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
• 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
• 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
• Impac who laid off 333 people during first wave of covid and closed down had a booth at Cali Expo 5/6/2022 which was empty. 
• Interfirst Mortgage to cut 77 jobs in Charlotte, NC
• Opendoor to acquire RedDoor
• Zillow Offers shut down, 25% of staff to be let go another 211 slashed 5/6/2022
• 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 lets go 14
• New Residential Investment Corp. to acquire Genesis Capital LLC
• U.S. Bank to acquire MUFG Union Bank USBank 118 layoffs
• Arcus Lending changes name to InstaMortgage
• Figure to merge with Homebridge Financial Services
• Freedom bought JG Wentworth and has laid off 213 
• Homepoint to reorganize its operational structure, layoffs
• Cornerstone Home Lending to acquire The Roscoe State Bank
• ResiCentral Mortgage acquires One American Mortgage
• Pentagon FCU to buy TIAA Bank’s correspondent lending unit, layoffs
• Regions Bank to acquire EnerBank USA
• Mortgage Investors Corp. files Chapter 11 bankruptcy
• Guild Mortgage to acquire Residential Mortgage Services Holdings, Inc.
• Veritex Community Bank to acquire 49% stake in Thrive Mortgage, LLC
• Finance of America to acquire wholesale lending assets of Parkside Lending LLC
• New York Community Bancorp, Inc. to acquire Flagstar Bancorp
• Texas Capital Bank to exit correspondent lending, potential layoffs
• Webster Financial Corp. to purchase Sterling Bancorp
• New Residential Investment Corp. to buy Caliber Home Loans
• Western Alliance Bancorp to purchase Aris Mortgage Holding Company, parent company of AmeriHome
• Guaranteed Rate acquires Owning
• Calculated Risk Analytics buys Castle Mortgage, will rebrand as Excelerate Capital
• Pacific Western Bank has acquired Civic Financial Services, LLC
• First Community Mortgage (FCM) to acquire a Mortgage Boutique (AMB)
• Guaranteed Rate acquires Stearns Lending
• PNC Bank to acquire BBVA
• Velocity Financial Inc. 119 layoffs
• Trustar Bank to acquire Granite Mortgage
• Zillow Offers to lay off 80 employees
• Western Alliance Bank acquires Galton Funding
• MVB Mortgage and Intercoastal Mortgage Company to combine
• CrossCountry Mortgage, LLC acquires assets of First Choice Loan Services Inc.
• Citadel Servicing Corp. to cut 108 jobs in Irvine, CA
• Mr. Cooper to cease wholesale lending operations, layoffs
• Impac Mortgage Holdings, Inc. lending activities on hold, 333 Orange County employees under temporary layoff
• Opendoor cuts 600 jobs
• eXp Realty reduces headcount by approximately 15%
• Redfin cutting 7% or 292 jobs they tell you the percent as it doesn't sound so bad
• Unison cutting 89 jobs in CA
• Ixonia Bank acquires Novus Home Mortgage
• Deephaven Mortgage layoffs
• Angel Oak Mortgage Solutions cuts roughly 200 jobs
• Freedom Mortgage Corp. to shut San Dimas call center, slash 171 jobs
• One Reverse Mortgage to halt operations
• Chase to cut hundreds of mortgage jobs
• Mr. Cooper to close Beaverton, OR office, cut 301 jobs
• Howard Bank (MD) to discontinue its mortgage banking business
• FirstBank to acquire Franklin Synergy Bank
• Blue Ridge Bankshares Inc. acquires LenderSelect Mortgage Group
• Capital City Bank Group Inc. to acquire 51% ownership stake in BrandMortgage
• 1st Alliance Lending to shut down
• Resolute Bank shut by FDIC
• HPS Investment Partners to acquire Citadel Servicing Corp.
• Commerce Bancshares, Inc. acquires Assumption Mortgage Corp., renames it Assumption Mortgage, LLC
• Altisource Portfolio Solutions to shut Owners.com business unit
• Ditech sells reverse mortgage business to Mortgage Assets Management, LLC
• New Residential to acquire Ditech Holding’s forward mortgage servicing and origination business
• Syracuse Securities, Inc. to close, transfer loan officers and some staff to Premium Mortgage Corp.
• Bay Equity Home Loans acquires assets of Village Mortgage
• Santander Bank to exit third-party mortgage business, 66 layoffs in Villanova, PA
• American Mortgage Service Co. and Eustis Mortgage to merge
• Freedom Mortgage Corp. acquired J.G. Wentworth Home Lending, LLC
• William Lyon Homes acquires South Pacific Financial Corporation, rebrands it as ClosingMark Homes Loans, Inc.
• CrossCountry Mortgage acquires PERL Mortgage, Inc.
• HomeLight acquires mortgage startup Eave
• Stearns Holdings LLC (parent of Stearns Lending) files for bankruptcy
• FirstBank to sell correspondent lending unit to Rushmore Loan Management Services LLC
• Fifth Third Bank to close 44 Chicago-area branches
• Pretium to acquire Deephaven Mortgage LLC
• Prodigy Lending LLC merges with The Texas Mortgage Pros
• Freedom Mortgage Corp. acquires RoundPoint Mortgage Servicing
• Open Mortgage acquires Premier Home Mortgage
• Bank 34 halts mortgage lending, will sell/close its 9 production offices
• Live Well Financial, Inc. halts mortgage lending
• Movement Mortgage acquires retail division of Platinum Mortgage Inc.
• Intercontinental Exchange (ICE) to purchase Simplifile
• First Choice Loan Services, Inc. ceases operations, for sale
• Moore Lending Group acquired by Sierra Pacific Mortgage Company, Inc.
• Rock Holdings acquires majority stake in Lendesk
• WMC Mortgage files Chapter 11 bankruptcy
• Reali acquires online direct mortgage lender Lenda
• Home Point Financial acquires wholesale division of Platinum Mortgage Inc.
• Colony Bank agrees to purchase PFB Mortgage
• Ditech to close St. Paul office, let go of 210 employees
• KeyBank acquires Laurel Road Bank’s digital lending business
• Renasant Bank to acquire FirstBank’s wholesale mortgage division
• Banc of California stops wholesale and correspondent lending
• AmWest Funding layoffs in Brea, CA
• Ocwen closing facilities, cutting 2,000+ jobs nationwide
• Member First Mortgage to acquire Platinum Financial Funding
• HomeStreet Bank to sell its stand-alone home loan centers to Homebridge Financial
• TIAA Bank to stop retail branch mortgage lending, sell some branches to U.S. Bank, potential layoffs of 1900 people
• Village Mortgage Company to shut down wholesale lending channel
• Thoma Bravo to buy Ellie Mae, layoffs, hmmm maybe
• BB&T Corp. to purchase SunTrust Banks, Inc.
• U.S. Bank to cut approximately 40 mortgage jobs in Brookfield, WI
• Provident Bank Mortgage to cease operations, 133 layoffs in CA
• Invitation Homes laying off 51 in Scottsdale, AZ
• Title365 cutting 70 jobs in Palm Bay, FL
• U.S. Bank Home Mortgage to cut jobs in Owensboro, KY
• Seterus, Inc. to shut mortgage servicing unit in Durham, NC, cut 310 jobs
• Mr. Cooper to cut 109 jobs in Santa Ana, CA
• Finance of America closing Roseville, CA office, 33 layoffs
• Renovate America, Inc. laying off 71 in San Diego, CA
• Movement Mortgage to acquire retail mortgage operations of Eagle Home Mortgage, LLC which was a Lennar company  layoffs expected of managers, underwriters, processors and sales
• AmeriSave Mortgage Corp. buys origination business of The Money Source (TMS)
• First American Title Insurance cutting 116 jobs in Santa Ana, CA
• New Fed Mortgage Corp. to acquire Commonwealth Mortgage LLC
• New American Funding acquires Marketplace Home Mortgage
• Middletown Valley Bank to acquire Millennium Financial Group (MLend)
• Bridgeview Bank Mortgage to cut 97 jobs
• Franklin First Financial shut down
• Gateway Mortgage Group closing eight retail mortgage branches in California, 25 layoffs
• United Bank to cut mortgage loan officer jobs as part of restructuring
• SoFi cutting around 100 mortgage jobs
• Hometown Lenders acquires TotalChoice Mortgage
• Guaranteed Rate acquires assets/staff from Honolulu HomeLoans and Hawaii Lending Alliance
• Firstar Bank to acquire assets of Leader Mortgage
• LoanDepot layoffs 813
• Mr. Cooper to acquire Pacific Union Financial LLC
• Impac Mortgage layoffs unknown 
• Synergy One Lending to acquire BBMC Mortgage
• CMG Financial  94 layoffs
• Angel Oak 31 layoffs
• Sprout 18 layoffs
• Nova Home Loans layoffs (per user comment below)

• TD Bank to acquire First Horizon Corp.
• Stearns Wholesale to shut down, 348 layoffs
• Amerisave cuts recruiting and underwriting jobs number unknown
• American Mortgage and Futis merge unknown layoff numbers
• Fannie Mae and Freddie Mac to merge to save costs and cut jobs?
• Winnepoint/ Interactive  108 layoffs
• Stantander stopped lending 988 layoffs
• Costco Mortgage closed down
• New Rez laid off 390 after Caliber bought them 900 more to come
• Guild ?
• United Wholesale 199
• Interfirst 139
• Fairway?
• CrossCountry taking over LendUS who was RPM just months back

Then there are the servicers

in alphabetical order:

1st Alliance Lending to shut down

All Cal Financial to merge with InstaMortgage

Altisource Portfolio Solutions to shut Owners.com business unit

AmWest Funding layoffs in Brea, CA

AmeriSave Mortgage Corp. buys origination business of The Money Source (TMS)

American Mortgage Service Co. and Eustis Mortgage to merge

American Mortgage and Futis merge unknown layoff numbers

American Pacific Mortgage layoffs (per user comment below)

Amerisave cuts recruiting and underwriting jobs number unknown

Angel Oak 31 layoffs

Angel Oak Mortgage Solutions cuts roughly 200 jobs

Arcus Lending changes name to InstaMortgage

Armed Forces Bank to acquire residential mortgage operations of KS StateBank

Athene to acquire non-QM lender Newfi lets go 14

BB&T Corp. to purchase SunTrust Banks, Inc.

Banc of California stops wholesale and correspondent lending

Bank 34 halts mortgage lending, will sell/close its 9 production offices

Bank of America 3989 fired

Bay Equity Home Loans acquires assets of Village Mortgage

Better 4000+ and is expected to shut doors

Blend 201 employees laid off which is 11% of the total

Blend Labs to lay off 200 employees

Blue Ridge Bankshares Inc. acquires LenderSelect Mortgage Group

Bridgeview Bank Mortgage to cut 97 jobs

CMG Financial  94 layoffs

Calculated Risk Analytics buys Castle Mortgage, will rebrand as Excelerate Capital

Capital City Bank Group Inc. to acquire 51% ownership stake in BrandMortgage

Chase to cut hundreds of mortgage jobs

Citadel Servicing Corp. to cut 108 jobs in Irvine, CA

Colony Bank agrees to purchase PFB Mortgage

Commerce Bancshares, Inc. acquires Assumption Mortgage Corp., renames it Assumption Mortgage, LLC

Cornerstone Home Lending to acquire The Roscoe State Bank

Costco Mortgage closed down

CrossCountry Mortgage acquires PERL Mortgage, Inc.

CrossCountry Mortgage to acquire LendUS so far 171 gone

CrossCountry Mortgage, LLC acquires assets of First Choice Loan Services Inc.

CrossCountry taking over LendUS who was RPM just months back

Deephaven Mortgage layoffs

Ditech sells reverse mortgage business to Mortgage Assets Management, LLC

Ditech to close St. Paul office, let go of 210 employees

Ellington Financial to acquire reverse mortgage lender Longbridge Financial

Fairway 5/20   811 humans cut

Eustis Mortgage Corporation to acquire Signature Mortgage Corporation

Fairway?

Fannie Mae and Freddie Mac to merge to save costs and cut jobs?

Fifth Third Bank to close 44 Chicago-area branches

Figure to merge with Homebridge Financial Services

Finance of America closing Roseville, CA office, 33 layoffs

Finance of America to acquire wholesale lending assets of Parkside Lending LLC

First American Title Insurance cutting 116 jobs in Santa Ana, CA

First Choice Loan Services, Inc. ceases operations, for sale

First Community Mortgage (FCM) to acquire a Mortgage Boutique (AMB)

First Federal Community Bank to acquire Lighthouse Mortgage

First Guaranty Mortgage Corporation/Goodmortgage layoffs (per user comment below)

FirstBank to acquire Franklin Synergy Bank

FirstBank to sell correspondent lending unit to Rushmore Loan Management Services LLC

Firstar Bank to acquire assets of Leader Mortgage

Flagstar 199 laid off

Flagstar Bank cut 20% of mortgage staff (420 jobs)

Franklin First Financial shut down

Freedom Mortgage Corp. acquired J.G. Wentworth Home Lending, LLC

Freedom Mortgage Corp. acquires RoundPoint Mortgage Servicing

Freedom Mortgage Corp. to shut San Dimas call center, slash 171 jobs

Freedom bought JG Wentworth and has laid off 213

Gateway Mortgage Group closing eight retail mortgage branches in California, 25 layoffs

Genpact Mortgage Services Inc. cut 14 jobs in Irvine, CA

Guaranteed Rate acquires Owning

Guaranteed Rate acquires Stearns Lending

Guaranteed Rate acquires assets/staff from Honolulu HomeLoans and Hawaii Lending Alliance

Guild ?

Guild Mortgage to acquire Residential Mortgage Services Holdings, Inc.

HPS Investment Partners to acquire Citadel Servicing Corp.

Home Point Financial acquires wholesale division of Platinum Mortgage Inc.

HomeLight acquires mortgage startup Eave

HomeStreet Bank to sell its stand-alone home loan centers to Homebridge Financial

Homepoint sold correspondent to Planet Home Lending and 94 layoffs

Homepoint to reorganize its operational structure, layoffs

Hometown Lenders acquires TotalChoice Mortgage

Howard Bank (MD) to discontinue its mortgage banking business

Impac Mortgage Holdings, Inc. lending activities on hold, 333 Orange County employees under temporary layoff

Impac Mortgage layoffs unknown

Impac who laid off 333 people during first wave of covid and closed down had a booth at Cali Expo 5/6/2022 which was empty.

Intercontinental Exchange (ICE) to purchase Simplifile

Interfirst 139

Interfirst Mortgage to cut 77 jobs in Charlotte, NC

Invitation Homes laying off 51 in Scottsdale, AZ

Ixonia Bank acquires Novus Home Mortgage

JPM Chase 1800  laid off

KKR to acquire Merchants Mortgage Trust & Corporation, LLC

KeyBank acquires Laurel Road Bank’s digital lending business

Knock to reduce its workforce by approximately 46%

Live Well Financial shut down/

Live Well Financial, Inc. halts mortgage lending May 20 bankrupt

LoanDepot layoffs 813

MVB Mortgage and Intercoastal Mortgage Company to combine

Member First Mortgage to acquire Platinum Financial Funding

Middletown Valley Bank to acquire Millennium Financial Group (MLend)

Moore Lending Group acquired by Sierra Pacific Mortgage Company, Inc.

Mortgage Investors Corp. files Chapter 11 bankruptcy

Mortgage Solutions Financial to acquire First American State Bank, will change name to MSF Bank

Movement Mortgage acquires retail division of Platinum Mortgage Inc.

Movement Mortgage layoffs (based on industry reporting)

Movement Mortgage to acquire retail mortgage operations of Eagle Home Mortgage, LLC which was a Lennar company  layoffs expected of managers, underwriters, processors and sales

Mr Cooper 251 jobs and more planned for next week

Mr. Cooper to acquire Pacific Union Financial LLC

Mr. Cooper to cease wholesale lending operations, layoffs

Mr. Cooper to close Beaverton, OR office, cut 301 jobs

Mr. Cooper to cut 109 jobs in Santa Ana, CA

National Bank Holdings Corporation to acquire Bank of Jackson Hole

New American Funding acquires Marketplace Home Mortgage

New Fed Mortgage Corp. to acquire Commonwealth Mortgage LLC

New Residential Investment Corp. to acquire Genesis Capital LLC

New Residential Investment Corp. to buy Caliber Home Loans

New Residential to acquire Ditech Holding’s forward mortgage servicing and origination business

New Rez laid off 390 after Caliber bought them 900 more to come

New York Community Bancorp, Inc. to acquire Flagstar Bancorp

Nova Home Loans layoffs (per user comment below)

Ocwen 701 already and plans to cut 1600 more

Ocwen closing facilities, cutting 2,000+ jobs nationwide

One Reverse Mortgage to halt operations

Open Mortgage acquires Premier Home Mortgage

Opendoor cuts 600 jobs

Opendoor to acquire Red Door

Owning to cut 189 jobs in Orange, CA

PNC Bank to acquire BBVA

Pacific Western Bank has acquired Civic Financial Services, LLC

PennyMac to cut 227 jobs in Agoura/Moorpark/Westlake, CA

PennyMac to cut 81 jobs in Roseville, CA

Pennymac 54 jobs gone

Pentagon FCU to buy TIAA Bank’s correspondent lending unit, layoffs

Pretium to acquire Deephaven Mortgage LLC

Primis Bank to acquire Sea Trust Mortgage Company 22 layoffs

Prodigy Lending LLC merges with The Texas Mortgage Pros

Prospect Home Finance to cut 5 jobs in La Jolla, CA

Provident Bank Mortgage to cease operations, 133 layoffs in CA

Reali acquires online direct mortgage lender Lenda

Redfin cutting 7% or 292 jobs they tell you the percent as it doesn't sound so bad

Redfin to acquire Bay Equity Home Loans, 121 layoffs

Regions Bank to acquire EnerBank USA

Renasant Bank to acquire First Bank’s wholesale mortgage division

Renovate America, Inc. laying off 71 in San Diego, CA

ResiCentral Mortgage acquires One American Mortgage

Resolute Bank shut by FDIC

Rock Holdings acquires majority stake in Lendesk

Rocket Mortgage offering buyouts to 8% of staff or 2888 people

Santander Bank halts all mortgage lending including HELOCs, layoffs

Santander Bank to exit third-party mortgage business, 66 layoffs in Villanova, PA

Seterus, Inc. to shut mortgage servicing unit in Durham, NC, cut 310 jobs

SoFi cutting around 100 mortgage jobs

Sprout 18 layoffs

Stantander stopped lending 988 layoffs

Stearns Holdings LLC (parent of Stearns Lending) files for bankruptcy

Stearns Wholesale to shut down, 348 layoffs

Strong Home Mortgage layoffs

Supreme Lending layoffs (per user comment below)

Synergy One Lending to acquire BBMC Mortgage

Syracuse Securities, Inc. to close, transfer loan officers and some staff to Premium Mortgage Corp.

TD Bank to acquire First Horizon Corp.

TIAA Bank to stop retail branch mortgage lending, sell some branches to U.S. Bank, potential layoffs of 1900 people

Texas Capital Bank to exit correspondent lending, potential layoffs

Texas Partners Bank to acquire Legacy Mutual Mortgage

Then there are the servicers

Thoma Bravo to buy Ellie Mae, layoffs, hmmm maybe

Title365 cutting 70 jobs in Palm Bay, FL

Trustar Bank to acquire Granite Mortgage

U.S. Bank Home Mortgage to cut jobs in Owensboro, KY

U.S. Bank to acquire MUFG Union Bank USBank 118 layoffs

U.S. Bank to cut approximately 40 mortgage jobs in Brookfield, WI

USAA Bank cut 90+ mortgage jobs

Union Home Mortgage layoffs in Strongsville, OH 188 people + 90 more May 20, 2022

Unison cutting 89 jobs in CA

United Bank to cut mortgage loan officer jobs as part of restructuring

United Wholesale 199

Velocity Financial Inc. 119 layoffs

Veritex Community Bank to acquire 49% stake in Thrive Mortgage, LLC

Village Mortgage Company to shut down wholesale lending channel

WMC Mortgage files Chapter 11 bankruptcy

Webster Financial Corp. to purchase Sterling Bancorp

Western Alliance Bancorp to purchase Aris Mortgage Holding Company, parent company of AmeriHome

Western Alliance Bank acquires Galton Funding

William Lyon Homes acquires South Pacific Financial Corporation, rebrands it as ClosingMark Homes Loans, Inc.

WinnPointe Corporation dba Interactive Mortgage to cut 51 jobs in Orange, CA

Winnepoint/ Interactive  108 layoffs

Wyndham Capital Mortgage layoffs 35  LO's and 15 staff

Zillow Offers shut down, 25% of staff to be let go another 211 slashed 5/6/2022

Zillow Offers to lay off 80 employees

eXp Realty reduces headcount by approximately 15%

ells let go 3127

Update 6/28/2022 FGMC lays off more than 487 loan officers and underwriters all on one zoom call yesterday

First Guarantee Mortgage fires the crew

Will they fund your loan now?

FGMC slashes and burns employees 6/28

FGMC files bankruptcy 6/29/2022 

I know what the pain is for all the FGMC employees. 

I suffered the WAMU BK and can write off $3000 until 2408 yes

that is 400 years away or until I die whichever comes sooner.

Sun West Mortgage lays off 384 employees 6/29/2022

And again July 8th 114 laid off Underwriters and processors 

Sprout Mortgage closes it's doors lays off 170 7/6/2022

Cypress Home Loans closes and lays off 190 8/19/2022

Amerisave Mortgage closes wholesale 8/2/2022

Amerisave Mortgage closes retail 09/23/2022  total slashed 420 people

Homepoint Capital fires 514  humans 9/23/2022

Summit Funding 32 October 2022

Luxury Mortgage Corporation 311 November 1 2022

Freedom Mortgage  277  November 1 2022

New American Funding another 188 November 8, 2022

Athas Capital 231  employees November 10, 2022

Reverse Mortgage Funding November 21, 2022 closes doors and lays off 314

Banco Santander 211 in April 2022 and another 98 in November 2022

Bay First   84  November 2022

Citigroup  194 November 2022

First Bank  85 November 2022

Flagstar   411 November 2022

Green State Credit Union  43  November 2022

J P Morgan Chase   998 November 2022

Texana Bank  58  October 2022

USAA Federal Savings Bank 98 October 2022

Wells Fargo another 211   October 2022

American Advisors Group  451  October 2022

Amerisave Mortgage  346  October 2022

Better now closed 3400 people gone two remain October 2022

Divvy Homes 40   September 2022

Envoy Mortgage 298 September 2022

Flyhomes 163   September 2022

Genpact Mortgage Services 14 August 2022

Guild Mortgage     321  August 2022

Home Point Financial 526  August 2022

Homeward   218  August 2022

Inlanta  85   August 2022 sold name to Guild and shut doors

Interactive Mortgage  62  August 2022

Interfirst Mortgage 78 July 2022 and some more in August number unknown

Knock   262  July 2022

Loan Depot slashed another 3341 people August 2022

Lower  24 August 2022

Movement Mortgage 271  September 2022

Mr Cooper  another 1701 September 2022 (AKA Nationstar)

New American Funding   272 more September 2022

Open Mortgage  14 September 2022 doors closed August  with another 12 laid off

Orchard   280 September 2022

Owning or Guaranteed Rate  189 April 2022

Penny Mac 495  March 2022

Prospect financial Group Mortgage 12 September 2022

Reali   192  September 2022 filed BK 3 more in October

Reverse mortgage Funding 411 November 2022  Filed BK

Ribbon 136 September 2022

Rocket Companies rocket Mortgage 611 more in November 2022

Ruoff Mortgage 41  September 2022

Sprout 400 people class action lawsuit

Stearns Lending 438 September 2022 wholesale closed doors

summit Funding 81 September 2022

Tomo Networks founded by Zillow geniuses closed doors  69 layoffs

Up equity   9    September 2022

Wyndham Capital  Mortgage 48 September 2022

Radian Group 199  September 2022

DOMA  188 some employees India unknown number  August 2022

Blend LAbs  440 September 2022 how will they stay competitive with Encompass BKI and ICE ?

Clear Capital Cario Cubicasa REO Network 220 September 2022

Notarize  152 in two sets of layoffs in the Fall 2022

Clever Real Estate  unknown number

Compass 722 people total in November 2022

Opendoor 440 November 2022

Redfin  1490 November 2022

Sundae    110

Zillow    412

Loan Care  89

Roundpoint 74

Safeguard    9

Athas Capital Group November 2022 91 people

January 2023  Compass announces third round of layoffs- total 217

January 2023   Blackrock and Goldman layoff 1000

1/27/2023 Flagstar Bank closed it's retail division after its merger with New York Community Bank and lays off 612 people

1/27/2023 Clear Capital second round of layoffs total 389

Updating the list

Rushmore dumps residential mortgage servicing platform to Mr. Cooper (4/26/23)

First Republic Bank to lay off 20-25% of its workforce (4/24/23) 900
Wells Fargo to cut 78 more jobs in Des Moines (4/20/23)
Homepoint to lay off 113 employees in Ann Arbor, MI (4/19/23)
Opendoor to cut 560 jobs (4/18/23)
Redfin cuts 200 more jobs (4/13/23)
First Federal to purchase BNC National Bank’s mortgage business assets (4/12/23)

Citizens Bank mortgage division layoffs in NYC (4/4/23) 
SoFi has acquired Wyndham Capital Mortgage (4/3/23)
Homebridge Financial Services to lay off 139 employees in NJ (3/31/23)
First Citizens Bank & Trust to acquire Silicon Valley Bridge Bank (3/27/23)

Silicon ceases lending

First Republic ceases lending
Bank of America cut 200 more loan officer jobs (3/24/23)
Family First Funding acquired by AnnieMac Home Mortgage (3/22/23)
UBS acquires Credit Suisse (3/19/23) Unknown if Swiss Government will bail them out
Flagstar Bank acquires deposits, loan portfolios, and branches of Signature Bridge Bank (3/19/23)

Signature Bank gone, ceases lending
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 191 layoffs (3/2/23)
Prosperity Home Mortgage, LLC to acquire JFQ Lending, LLC (2/28/23)
Majestic Home Loan also known as RMK permanently banned from mortgage for deceptive advertising, bait and switch shut down by the CFPB (2/27/23)
Wells Fargo cut 500+ more mortgage jobs  (2/23/23)

Wells Fargo out of mortgage lending, closed correspondent, closed wholesale, closed retail
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 310 additional mortgage jobs (2/8/23)

11/2023 CITIGroup

I haven't updated this list in a couple months

Country Club Mortgage

Pennymac let 80 people go

RealiFI closed and stole salaries

Dovenmuehle laid off 290 people

PNC laid off 90

First Savings Bank laid off 122

NewRez laid off 113

People's Bank of Commerce shut down mortgage laid off 98

Regions Bank shuts down three mortgage offices and 167 people gone

Republic First out of lending laid off 99

HomePoint laid off 200

Citigroup laid off 455

Rocket 1411 people cut

UWM 600 cut in first wave then 300 more

Homebridge lets go 2130 people

Draper and Kramer down 1/2024

Fairway fires everyone in wholesale 1/2024

Appraisal Management Systems for Mortgage

 

Appraisal Management Systems for Mortgage

Lenders are regulated when doing mortgage loans specific to appraisals.

Commission sales staff cannot speak with appraisers to keep them away from pressuring to hit value.

Lenders must prove the following to investors: they have systems in place to keep appraisers independent, the date the final report was provided to the borrower, the appraiser is competent, and be able to protect the lender in case of an audit. To avoid contact with sales staff, lenders set up blind ordering systems, and the development of Appraisal Management Companies (AMC)  established themselves to gather lists of licensed appraisers that they deemed reliable in market areas. However, today few banks and lenders have a deep list of staff appraisers who can timely run out to photograph, document, measure, and verify a valuation. Most only have a vendor order team and an appraisal review group (depending on the size of the lender).

There are more than one hundred fifty AMCs in America. Most have on their website the number of contracted appraisers, the Errors and omission insurance of contract employees, years of experience, where the home base is located, turn time, acceptance percentage of orders/and refusals of complex appraisals, and some a star rating system. Some also itemize the costs per property type of appraisal.

Lender upper management scorecards AMCs to predict costs, turn times, and risks. By tracking the history of appraisers under an AMC, the lender can determine which AMC meets their market needs, have enough boots on the ground in a city or county, and save time and money. Things that take additional time for a lender are: appraiser uses incorrect form, comparables inappropriate, failure to note condition, lack of explanation for missing facts, and mistakes of all sorts. The appraisal management desk /or review team sends back an appraisal with errors to the AMC for corrections. This communication back to the appraiser in the field can take additional days or weeks. Often the appraiser has already been paid an will not receive further payment for the corrections; thus, there is a balk factor.

A new middleman application arose in the lending cycle around 2015. A number of applications claim to better tract the cumbersome AMC system with SAAS tools and a dashboard that API can often link to the lender's chosen Loan Origination System (LOS). This is via python code that is added to the code of the lender for systems to communicate live. Corelogic bought Mercury in 2017 to go deeper into this market. Corelogic offers flood, tax, and several appraisal tools, as well as deep data on all the homes in America. Intercontinental  ICE partnered with First American Title's title information, plat map, and appraisal Works to build a tool that covers several parts of the mortgage cycle. Recently Reggora, Anow, TRK, and Appraisal Dashboard are advertising tools for the origination cycle to make processes faster, digital, and easier. There is a worry that API plugins and Json Web Tokens (JWT), which are used to attach to the lender's mainframe operating system create risks for hacking the database of a lender, which holds the personal information of borrowers. A JWT does not expire, can be a vector for attack, and modify other apps to create new keys. Firewalls and changing passwords are not enough to protect the information held in a lender's platform. 

As we speed ahead into the spring of 2022, lenders are more cost worried and have laid off droves of staff. Mergers and new players will emerge from this next phase of the mortgage business.

The mortgage lending business has relied upon vendors to create tools for the thousands of parts needed to approve and sell a file. Lenders may not want their own platform to be centralized with links to other outside companies. Many others have chosen to build their own. Lenders built their own Artificial Intelligence platforms to reduce manual tasks. Machines can process the numerical pieces of loan review and the costly and time-consuming regimen of returning the files to a human Underwriter, an Appraisal Review Desk, and or Management for exceptions and approvals. For a borrower's file to be reviewed only once by a human Underwriter is the goal. 

Are you unhappy with your AMC? Interview a few. Get a list of how many licenses are available in the cities you operate. Have backups already in place.

Here are a few that I suggest in no order

Appraisal Connections

Appraisal Nation

Appraisal Logistics

Appraisal Links

Click Appraiser

AMC

Nationwide Property and Appraisal

Situs AMC

United States Appraisals

Valutrust Solutions

If you want the phone or email to contact a sales rep or the owner, just whistle...

C G Caroline Gerardo Barbeau

NMLS 324982

This is not investment advice. Copyright 5/7/2022. 

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Anti-SLAPP laws, such as Cal. Civ. Proc. Code  § 425.16 in California, may require you to pay my attorneys’ fees if you attempt to impose such liability through legal proceedings.

Mortgage Loan Origination Software

 List of developers, applications, API plug in tools, esigning, document magic, wizards for mortgage loan origination software, LOS, CRM, tools for mortgage that beta tested in 2021/2022.

Please feel free to add in the comments if I missed a fintech company, a mortgage bank, a lender who is building or has tools as vendors or for their own platform.

Amazon ~ has a beta full and deep for LOS CRM Service Sign and every time and motion

Abrigo

Black Knight

Expedite® Close

Blue Sage                   

Blend Labs                 

BNTouch

BSI Financial 

Byte

Caliber ~ building own

Calyx

Capterra

Cloudvirga                                                     

Digital Delivery, Inc. (Peirson Patterson, LLP)

Digifi             

DocMagic                  

DocsDirect                 

Docu Prep, Inc.                      

DocuSign, Inc.                       

Encompass Elliemae 

Experian ~ building               

eOriginal, Inc.            

EscrowTab

Fairway ~ building own

Finestra                      

First American Docutech                  

Fiserv             

Google Alphabet ~ has built one deep service and LOS                               

Gregg & Valby, LLP 

ICE     

IDS, Inc.

idsDoc

Liquid logics

LendingQB    

Lending Wise

Loan Care

LoanDepot building own                   

Meridian Link

MERS® eNote Solutions

MERS® eSuite                      

Mortgage Cadence

Mortgage Cadence Platform (MCP)

Ncino                                                 

Nexsys Technologies, LLC

Nexsys            

Notarize                     

NotaryCam, Inc.                    

OneSpan Canada                   

Openclose                              

Pavaso ~Building own                                                           

Pingora Asset Management

Provenir

Building own             

Polunsky Beitel Green LLP (eMortgageLaw)

Polly

eClosePlus     

Quicken Rocket ~ building own        

SigniaDocuments, Inc. (Evolve Mortgage Services)

SigniaDocuments SmartComplete                

SimpleNexus

Stavvy

Turn Key Lender

Nexus Closing™                   

Snapdocs

Staircase                    

Synrgo, Inc.

Synrgo

Unify

UWA ~building own 

Vesta  

And some photos from recent trips for your own joy 

copyright  © images Caroline Gerardo