Ally Financial is winding down its mortgage origination business, saying its borrowers are struggling with debt. The company will also cut less than 5% of its workforce. They have about 11,000 employees. “As we continue to right-size our company, we made the difficult decision to selectively reduce our workforce in some areas, while continuing to…
Mortgage Lenders lost money on every loan originated for the first time since 2018 in Q2, according to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Report. Independent mortgage banks and mortgage subsidiaries of chartered banks lost an average of $82 on each loan they originated in the second quarter of 2022, down from…
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