Mortgage Meltdown

Industry Jobs Lost as of 6/20/2024

 

New Investigation Slams Guaranteed Rate

Employees Allege Verbal Abuse, “Sex-Driven” Culture

 

Buyers Hesitant As Prices Soar

New, Existing Home Sales Slip

156 Newrez Employees Laid Off

Home Prices Soar To Record High

Rates Hit 7.24%

Existing Home Sales Fall

Starts, Permits Plummet

Rates Top 7%

New Home Sales Fall

Realtors Stage “Tactical Retreat”

 

 

 

 

Active Brokers vs Origination Dollars:

 

 

NAR Commissions Slashed

Powell: Housing In “A Very Challenging Situation”

Pending Home Sales Fell Off In January

Home Lending Near Two-Decade Low

Foreclosures Jumped 10% MoM In January

Investors Bought 26% Of Affordable Homes In Q4 2024

Powell Warns Of CRE Weakness

Fairway Exits Wholesale Lending

Americans Must Be “Wealthy Or Lucky” To Buy A Home

“Buying A Home Is Not Even Remotely Possible”

Market Is “Slow-Moving Train Wreck”

December Delinquencies Rise On Calendar Effects

Housing Starts Down In December

Empty Nesters Beating Out Young Families

Mortgage Volumes At Big 3 Banks Down $138B In 2023

Pennymac Laid Of 84 Employees In November

Mortgage Applications Tank Ahead Of 2024

Mortgage Applications Slip

Lenders Continue Tightening Credit

Homeowners Can Afford Less Space Now Than Same Time Last Year

Housing Sentiment Hits New Survey Low

Commercial Delinquencies On The Rise

Pending Home Sales Sink To 20-YR Low

Larger Share Of Homes Selling At A Loss

IMBs Report Bigger Losses In Q3

Black Neighborhoods Still Face Discrimination

PBCO Exits Residential Lending

GA-Based Homestar Financial Shutting Down

Applications Down As Treasury Yields Rise

Existing-Home Sales Sink Even Further

Applications Sink To Lowest Point Since 1995

Homeowners Face Scary Halloween Expenses

ARM Rush Pushes Apps Up

Capitol Hill Chaos

Purchase Activity Falls To Lowest Point Since 1995

Mortgage Applicants Struggled In 2022

Pending Sales Reverse Course

Affordability Hits Lowest Levels In Three Decades

JPMorgan Shutters 14 First Republic Branches

Americans Worried They Can’t Afford A Home

Rates “Anchored” Above 7%

Rate Locks Down 1.5% MOM

Divvy Announces Third Round Of Layoffs

One In Five Millennials Believe They’ll Never Own A Home

Consumer Confidence Plummets

AmeriFirst Files For Bankruptcy

NAR President Created “Culture Of Fear” For Women

“Tough” Lending Leads To More Downgrades

Rates Up, Apps Down After Retail Sales Data

Rate Lock Volumes Slip

Delinquencies Improved In Q2, But The Future Looks Bleak

Credit Availability Fell In July

Mortgage Applications Dip Again

Rocket Offers Employees Buyouts

Treasuries Set To Challenge The Mortgage Market

U.S. Bank Lays Off Mortgage Staffers

Price Growth Drops To Lowest Level In 11 Years

Affordability Worsens

Fannie Mae: Recession Is A “When, Not If”

2.4 Million Americans Priced Out Of Housing Market

Comerica Exiting Mortgage Banker Finance Industry

Foreclosures Spiked In May

“Very Frightening Time” For Housing Market

Elon Musk Warns That Residential Prices May Crash Due To CRE Weakness

Planet Acquires Platinum Home Mortgage

Reduced Profits Are Stinging Sellers

Consumer Confidence Slips To 6-Month Low

Lowest-Ever Share Of Americans Believe It’s A Good Time To Buy

Mr. Cooper Buys Home Point

Republic First To Quit Originations

Home Price Growth Shrinking

Impac Mortgage Delisted From NYSE

‘Pending Home Sales Sank In March

Consumer Confidence Falls To Nine-Month Low

Lower Rates “Won’t Make Homes More Affordable”

Existing Home Sales Dipped In March

Wells Fargo Lays Off Another 78

iBuyer Opendoor Cuts 22% Of Staff

Interest Rate Increase Pushes Mortgage Applications Down

Tighter Credit Causes New Headache For Mortgage Market

Single-Family Price Growth Slowed YOY In Q1 2023

Buyers Holding Onto Skewed Ideas Of “Normal” Rates

Homeowners Feeling The Squeeze Of Inflation

First Federal Bank Acquiring Mortgage Division From BNC National Bank


Richmond, VA, Officially Declares Housing Crisis

IMBs Lost Money On Every Loan In 2022

Homepoint Sells Its Wholesale Business To The Loan Store

Rising Property Taxes Adding To Homeowner Stress

Investors Are Pulling Back From The Mortgage Market

A “Big Short” Investor Sees A Climate-Related Housing Catastrophe Ahead

 

Mortgage Apps Fall Despite Retreating Rates, Spring Buying Season Kick-Off

Homeowners Face Rising Insurance In 2023

Homebridge Financial Laying Off 139 In June

Americans Aren’t Confident They Can Weather Recession

“Zoom Towns” Face New Crisis: Layoffs

Rents, Mortgage Payments Up Most In Sun Belt Cities

Banking System Instability Prelude To Recession

Anxiety Strikes The Mortgage-Debt Industry

“Financial Trap:” Cash-Out Refis Causing Long-Term Harm

Americans Priced Out Of U.S. Cities Flee To Europe

“Abysmal” Q4 Results For IMBS

Will The Fed Raise Rates Or Pause?

Western Markets Brace For SVB Fallout

Impac Mortgage Going Broker, Winding Down TPO

Rates Move Up After Bleak News From Fed

Housing Sentiment Sinks Closer To All-Time Low

Rocket, UWM Have Shed “Thousands” Of Jobs Since Downturn

U.S. Housing Market Sentiment “Crumbling”

Million Dollar Homes Disappearing As Price Decline

CitiGroup Layoffs Impact Mortgage Lending Arm

Majestic Home Loans Permanently Banned By CFPB

Another Wave Of Wells Fargo Layoffs

Surprise Early Economic Boost Not Expected To Last Thru 2023

Existing Home Sales Down For 12th Month

Celebrity Home Loan Cuts 92% Of Staff

Bad News For The Fed: Retail Sales Surged In January

“Hundreds” Of Corporate Workers Laid Off At Celebrity Home Loans

Inflation Rose By More Than Expected In January

Higher Mortgage Rates Necessary To Cool Inflation, One Analyst Says

Consumer Confidence Up But Buyers Have “Lingering Concerns”

JP Morgan Cuts “Hundreds” More Jobs

Homepoint Conducts More Layoffs

Majestic Home Loan “Abruptly” Closes

47,000 Mortgage Jobs Cut In January 2023, Huge Leap From December’s 2,500

USAA Slashes 130 Positions In Mortgage Unit

Market Remains Slow Despite Slipping Rates

“Dents In The Armor:” Equity Slipping As Property Values Fall

Homebuilders Forced To Offer “Aggressive” Rate Buydowns To Attract Buyers

First Internet Bank Pulling Out Of Consumer Lending

Online Lender Upstart Lays Offs 20% Of Staff

NYCB’s Restructuring Leads To Flagstar Slash

Lawsuit Claims Amerisave Defamed Employees, Failed To Pay Wages

Flagstar Bank Scrapping Retail Mortgage Division

Umpqua Bank Announces More Layoffs

Silver Hill Funding On Fourth Round Of Layoffs

Rocket Mortgage Lays Off 50

Industry Leaders Say Market Facing “One Of The Most Significant Downturns In Decades”

Existing Home Sales Tumble For 11th Month, All Regions See YOY Declines

Another Round Of Layoffs At Finance Of America, 43 Impacted

nCino Lets 7% Of Workforce Go

Sellers Feel Pain Of Price Drops

Homes Selling At Slowest Pace Since April 2020

“Bleak” Mortgage Market Heightens Potential For More Layoffs

Fargo Shrinking Lending Business

Wells Fargo Earnings Down 50% YOY

Blend Labs Cuts 30% Of Staff, Fourth Round Of Layoffs This Year

North American Savings Bank Shutters Consumer Direct Division

Anywhere Real Estate Imposes Layoffs, Closes iBuying Arm

Rocket Restructuring Marketing Team

Goldman Sachs Laying Off 3,200 This Week, Mostly In Investment Arm

AmeriFirst Financial Shutting Down After 35 Years

Silvergate Capital Lays Off 40% Of Workforce

Compass Is Eliminating More Jobs as US Housing Market Slows

A five percent decline from 2022 as housing market continues to cool

Economic ‘Category 5 Storm’ Brewing in 2023

Q3 GDP Growth Means Fed Is Losing Inflation Fight

Home Sales See Biggest YOY Drop On Record

Interfirst Lays Off Another 75

Amerifirst To Close Portage Location In 2023

Starts, Permits Down For Third Consecutive Month

Builder Confidence Down For 12th Straight Month

Reverse Mortgage Funding Lays Off Another 119 In Long Island

“Don’t Call It A Comeback”: Demand, Purchase Apps Still Way Down

Home Flipping Profit Margins Hit 13-YR Low, Fastest Drop Since 2009

Builders Offering “Sweetheart” Deals To Wall Street, Hoping To Move Stagnant Homes

Inflation Cooling But Housing Costs Still Up 7% YOY

Purchase Locks Down 22% In November

Homeowner Equity Gains Drop Sharply In Q3

Market Reset To Push Prices Down 10%

Retirees To Delay Selling Home In 2023, First-Timers Expect To Make Sacrifices For Affordability

Housing Sentiment Remains Near All-Time Low; Consumers Cite High Rates

Price Appreciation Now Half Of April Peak

8% Of Homes Bought In 2022 Underwater

Mortgage Jobs Fall To Two-Year Low

Wells Fargo Cuts “Hundreds” More Jobs

Inlanta Mortgage Goes Bankrupt, Plans Layoffs (Update: Acquired By Guild)

Pending Home Sales Fall In “Difficult Month” Of October, Continuing Downward Spiral

Reverse Mortgage Funding Files For Bankruptcy, 400 Employees To Lose Jobs

Envoy Mortgage Lets Go Of 30% Of Corporate Staff

New Listings Poised To Tank Home Prices

“Vast Majority” Of Lenders To Be Hit With Massive Price Bump For Credit Reports

Affordability Hit As Real Prices Jump 60% YOY

Median Payments Jump 3.7% MoM, Another Sign Of “Weaking Affordability”

Originations Plummet Nearly 50% YOY

American Financing Axes 63% of Workforce

PenFed Lays Off 200-600 Lending Employees Across Multiple States

“Only The Strong:” Lenders Hope They Can Weather The Storm

Bleak Outlook For Housing In 2023, No End To Lock Declines

Housing Slowdown To Be The Worst Since 2000

Americans Say Now Is The Worst Time To Buy A Home Since 1978

More Better Layoffs, Exact Number Unknown

Affordability At A 10-Year Low

Angel Oak Exiting Retail

Economist Says Layoffs To Get Far Worse

loanDepot Originations Down $6B In Q3, Expects Just $7B Total In Q4

NewRez Layoffs Total 24 For Now, Expected To Rise Significantly

New American Cuts 240 Employees

Non-QM Lender Athas Capital Shutting Down

Equity Sees Largest Quarterly Drop On Record “By Far” In Q3

Consumer Confidence In Housing Market Falls To New All-Time Low

Nutter Home Loans Closing, Expects To Sell Off Loans In 60 Days

800 More Layoffs At Mr. Cooper

Promontory MortgagePath Closing

Powell Promises “Ongoing” Rate Hikes, Approves Another 75 BPS Jump

Share Of First-Time Buyers Falls To Lowest Point On Record

101 More Job Cuts At FOA

Another Round Of Layoffs At Pennymac