Pennymac cut 69 jobs in Pasadena, CA (5/6/22) Panorama Mortgage Group acquires Vision Mortgage Group (5/13/22) Mid America Mortgage to sell its retail channel to Legend Lending (5/16/22) Cooper) cutting 120 jobs in Santa, Ana CA (5/20/22) Wells Fargo cut roughly 90 mortgage jobs in Des Moines area (5/24/22) Panorama Mortgage Group acquires Rely Home Loans (5/31/22) Real Genius (FirstBank) laying off 35 employees in Nasville, TN (5/31/22) Real Genius (FirstBank) laying off 74 employees in Charlotte, NC (6/2/22) Wyndham Capital Mortgage to cut 48 jobs in Charlotte, NC (6/9/22) Priority Mortgage to merge with Doorway Home Loans (6/10/22) Redfin to slash nearly 500 jobs (6/14/22) Notarize let go of 25% of staff (6/15/22)Ĭompass to cut 10% of its workforce (6/14/22) cut 428 jobs in Plano, TX (6/24/22)īarclays to acquire Kensington Mortgages (6/24/22)Ĭhase to cut 1,000 home lending jobs (6/22/22) to rebrand as Click n’ Close (6/25/22)įirst Guaranty Mortgage Corp. Redwood Trust acquires Riverbend Lending (7/5/22)ĪnnieMac Home Mortgage acquires OVM Financial (6/30/22)įirst Guaranty Mortgage Corp. Wells Fargo to cut 107 jobs in Des Moines area (7/6/22) LoanDepot to cut approximately 4,800 jobs in 2022 (7/12/22) Texana Bank to cut 58 jobs in Irvine, CA (7/15/22) Pennymac to cut 32 jobs in Thousand Oaks, CA (7/21/22)įlyhomes to reduce staff by 20% (7/20/22) Wells Fargo to cut 82 jobs in Des Moines area (7/28/22) New American Funding cut 300 jobs (8/2/22) to acquire RoundPoint Mortgage Servicing Corp.
LoanDepot to shutter wholesale lending channel (8/9/22) Panorama Mortgage Group acquires Lone Peak Lending (8/15/22)Ĭypress Mortgage Capital, Inc. Reali to shut down, 132 layoffs in San Mateo, CA (8/24/22)īlend Labs laid off 400+ employees (about 25% of workforce) (8/16/22) Movement Mortgage acquires mortgage brokerage Superior Rate Mortgage (8/24/22) Mountain West Financial ceases wholesale lending (8/24/22) Wells Fargo to lay off another 75 workers in Des Moines area (9/1/22)īetter Mortgage to cut another 200+ jobs (8/25/22) Suburban Mortgage appears to have closed its doors (9/1/22) Homepoint to lay off 526 employees in TX (9/2/22) Ruoff Mortgage to slash 4.6% of its workforce (9/16/22)ĪmeriSave Wholesale Mortgage Solutions shutting down (9/2/22)
to discontinue nationwide network of residential mortgage loan production offices (9/26/22)Īmerican Mortgage Service Company to be acquired by Thrive Mortgage (9/26/22)
List last updated on September 28th, 2022 Latest updates:Īngel Oak Mortgage Solutions cut 75 jobs, or about 20% of staff (9/28/22)īayFirst Financial Corp. Simply put, mortgage companies must “rightsize” as too many players chase far too few loans. Those can be seen below the list at the bottom of the page. I’ve seen a surge of user comments from former mortgage employees who have been laid off. Recently, mortgage layoffs have been driven by a major decrease in refinance demand and a dwindling pool of eligible home buyers thanks to significantly higher mortgage rates.
Given how bad things got, this isn’t too surprising. There were some 86,126 mortgage job cuts in 2007, and countless more in subsequent years as major institutions like Bear Stearns, Countrywide Financial, IndyMac, and Washington Mutual all shuttered.Įven though it has been roughly a decade since the downturn began, mortgage companies are still facing the consequences of getting involved in what was then a very risky housing market.Īmazingly, we continue to see layoffs and closures driven by what transpired many years ago.
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mortgages were delinquent, a number which was sure to rise over the following years as the full extent of the mortgage crisis revealed itself.īetween the first and second quarter of 2006 alone, mortgage repurchase requests tripled thanks to shoddy underwriting that was prevalent during that era.Īdding to lender woes were declining home values in almost every metropolitan area throughout the United States, sky-high home prices at time of origination, rising mortgage rates, rampant fraud, a deteriorating secondary market, and unmanageable mortgage payments. I first created this list of mortgage layoffs and closures in February 2007, back when scores of mortgage companies were consolidating, laying off employees, sending out scary warnings, and going out of business.Īround that time, some 2.33% of all U.S.
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