According to a survey conducted by Washington-based Campbell Communications, roughly 33% of home purchase closings originated by mortgage brokers in August were canceled. The survey… Read More »Survey Reveals Major Problems in Wholesale Mortgage Industry
Mortgage offer aggregator LendingTree sent out an e-mail to affiliates today asking them to remove all advertising containing verbiage relating to option-arms, MTA loans and… Read More »LendingTree Cuts Option Arm and Bad Credit Ads
Dancing aliens rejoice. The ads are back. Apparently dreams do come true sometimes. A few weeks ago, a blogger from the New York Times had… Read More »Lowermybills Dancing Alien Ads Are Back!
I’m hearing that Decision One, the non-conforming wholesale mortgage arm of HSBC, has possibly laid off a few hundred employees. A source “confirmed” the layoffs,… Read More »Decision One Layoffs
With the news of adjustable-rate mortgages due to reset and the continued threat of declining property values, the hot word on the street seems to… Read More »Foreclosure Tax Burden
Just saw this on CNBC; apparently the Wall St. Journal is reporting that Countrywide plans to cut 10,000 to 12,000 jobs in the next three… Read More »Countrywide to Cut Up to 12,000 Jobs
Wells Fargo Home Mortgage held what seemed like a pep rally today in downtown Los Angeles to discuss the current state of affairs internally and… Read More »Wells Fargo Pep Rally Notes
National City Corp. said today that it is laying off 1,300 employees in an effort to reduce the size of its decaying mortgage unit amid… Read More »National City Laying Off 1,300, Suspending Broker Issued Loans
I’ve heard from multiple sources that Countrywide laid off a very large number of employees today and has closed multiple Full Spectrum Lending branches, while… Read More »Major Layoffs Reported at Countrywide
In a CNBC interview aired just minutes ago, Federal Home Loan Bank of New York President Alfred Dellibovi spoke about the current lending environment. He… Read More »Federal Home Loan President Slams Mortgage Brokers
