Job Cuts Hit The Mortgage Industry

By CHUCK GREEN An apparently not so uncommon sight these days in the mortgage industry: empty desks. Not that their occupants are taking five for a foam latte. Instead, they might well have either been steeped in the pink slip blues or were compelled to submit their resignation. Over the past three months in the industry, there have been more than 3,500 job cuts, according to globalsg.com. In February, Bloomberg reported U.S. home mortgage lenders might have no other choice during the coming months that to initiate layoffs. Similarly, earlier this month, wolfstreet.com reported that not only are layoffs among mortgage lenders taking place, but they will also continue. “Layoffs and forced resignations are certainly imminent in the mortgage banking…

JPMorgan’s Cerita Battles To Chair NAHREP Corporate Board

JPMorgan Chase exec Cerita Battles has been appointed chair of The National Association of Hispanic Real Estate Professionals’ (NAHREP) 2022 Corporate Board of Governors. The organization made the announcement in a press release issued on March 14. “We are blessed to have Cerita join the NAHREP Corporate Board of Governors. Cerita’s many years of respected leadership and successes in expanding homeownership and generational wealth will steward the NAHREP legacy for a new generation,” said 2021 NAHREP President Sara Rodriguez. Battles will co-chair the board with Rodriguez. She brings with her 30 years of finance industry experience, of which 23 years were specifically dedicated to mortgages.  She currently serves as Managing Director, Head of Community & Affordable Lending, at JPMorgan Chase.…

OCC: Serious Delinquencies Down YOY At Major Banks

Seriously delinquent mortgages dropped by more than half year-over-year (YOY) at seven national banks, according to a report from the Office of the Comptroller of the Currency. Though the findings are optimistic, the banks in the study– Bank of America, Citibank, HSBC, JPMorgan Chase, PNC, U.S. Bank, and Wells Fargo– were handling almost 1,900 fewer loans YOY, complicating the final picture. Overall, the banks serviced about 12.5 million first-lien residential mortgage loans, totaling $2.59 trillion in unpaid principal balances. This is 23% of all U.S. residential mortgage debt. In Q3 2020, $2.866 trillion or 14,393 loans. The share of mortgages that were current at the end of Q3 2021 was 95.6%, up from 92.5% in Q3 2020. The seven banks…