National Mortgage News, Nov. 9, 2022–Maria Volkova (subscription)Freedom Mortgage started letting people go last Thursday and the layoffs have carried over into this week, impacting close to a thousand employees, …
Category: Top National News
Troubled Finance of America Reports Escalating Losses
National Mortgage News, Nov. 9, 2022–Brad Finkelstein (subscription)In its third quarter earnings call, Finance of America leadership took pains to paint a bright future for the troubled company, which recently …
2023’s Forward Thinkers are Investing in Mortgage Tech Now
HousingWire, November 9, 2022–Content Solutions TeamAccording to projections from the Mortgage Bankers Association, mortgage rates have yet to hit their peak and a potential recession lies ahead in 2023. Without …
Weekly Mortgage Demand Flattens as Interest Rates Climb Higher to 7.14%
CNBC, Nov. 9, 2022–Diana OlickMortgage rates rose again last week, throwing even more cold water on demand from both current homeowners and potential homebuyers. Weekly application volume fell 0.1% last …
A Shrinking loanDepot Reports $137.5M Loss in Q3
HousingWire, Nov. 8, 2022–Flávia Furlan NunesEven though financial losses narrowed, loanDepot’s third-quarter earnings are evidence that the company’s struggles are far from over. The California-based mortgage lender on Tuesday reported …
Fannie/Freddie CRT Issuance Plummets in 3Q22
Inside Mortgage Finance, Nov. 9, 2022–Dennis HollierWith soaring interest rates and the prospect of a recession looming, the issuance of credit-risk transfers by Fannie Mae and Freddie Mac took a …
Redfin Shuts Home-Flipping Business, Lays Off 13% of Staff in Slumping Housing Market
Wall Street Journal, Nov. 9, 2022–Will Parker (subscription) Redfin Corp. laid off 13% of its staff on Wednesday and closed its home-flipping unit, saying the operation was both too expensive …
CRE Lenders Search for Creative Solutions to Keep Capital Flowing
Wealth Management Real Estate, Nov. 8, 2022–Beth Mattson-TeigOn the heels of yet another Fed rate hike, the commercial real estate industry is feeling the painful effects of both higher capital …
Why an Economic Downturn May be Good for Bank M&A
American Banker, Nov. 8, 2022–Orla McCaffrey (subscription)Nearly 60% of bank corporate-development professionals surveyed by McKinsey & Co. said the next 18 to 24 months will offer better opportunities to create …
Better.com Laid Off Workers on Parental Leave, Suit Claims
National Mortgage News, Nov. 8, 2022–Andrew Martinez (subscription)A former director at Better is suing the lender for allegedly laying him off less than one hour after requesting his previously granted …