Consolidating mortgage and line of credit
– shut down, layoffs All Fund Mortgage – rumored to be closed, acquired by Carlile Investments Inc.Allstate Home Loans – shut down after buyout Ally (GMAC) – said it’s officially done with the mortgage business Ally mortgage unit Res Cap – filed for Chapter 11 bankruptcy Ally Financial – sold European mortgage assets/operations to Fortress Investment Group Alpha Bank & Trust – shut down by FDIC ALT Funding – believed to have ceased operations Alterna Mortgage – New Jersey wholesale lender closed Alternative Financing Corp.Given how bad things got, this isn’t too surprising. to acquire Brand Group Holdings Guaranteed Rate cut around 180 employees nationwide Ocwen Financial to acquire PHH Corp.Vanderbilt Mortgage and Finance to buy Silverton Mortgage Specialists Movement Mortgage to cut 75 mortgage jobs nationwide Nationwide Bank to cut 50 jobs from mortgage division in Des Moines PHH Mortgage Corp. Laurel, NJ So Fi cutting 65 jobs at mortgage centers in Healdsburg, CA, and Cottonwood Heights, UT Harbor One Bank acquires Cumberland County Mortgage Guild Mortgage to acquire Cornerstone Mortgage Randolph Savings Bank cutting 16 mortgage employees (8% of staff) Wintrust Mortgage acquires Veterans First Mortgage Atlantic Bay Mortgage cuts a dozen jobs New Residential acquires Shellpoint Partners (New Penn Financial) U. Bank exiting wholesale mortgage lending First Guaranty Mortgage Corp.– acquired Republic Mortgage Home Loans Ace Mortgage Funding – shut down Accenture – cut 45 Charlotte jobs thanks to slowdown in refinancing Accenture – purchased software company Mortgage Cadence Access Bank – shut by FDIC Access National Corporation – closed Denver mortgage production branch, potential layoffs Accredited Home Lenders – filed bankruptcy Accredited Home Lenders – ceased wholesale lending for second time in Aug 2008 Accredited Home – shut down retail lending, ceased wholesale, Lone Star lawsuit Accredited Home shut down retail lending business, agreed to Lone Star buyout Accredited Home Lenders – shuts four operations centers, layoffs Accredited Home Lenders – cuts 38 jobs in Cincinnati ACC Capital Holdings – mass layoffs, closed Ameriquest, sold wholesale to Citigroup Acoustic Home Loans – subprime wholesale lender closed its doors ACT Mortgage Capital – suspended all submissions/funding until further notice Adfitech Inc. – shut by FDIC Advantage Home Loans – closed Advent Mortgage – merged with New Equity Mortgage AIG to buy Equity One Aegis Funding – closed, seeking bankruptcy protection Aegis Mortgage Corp.
Cash Call Mortgage layoffs in Orange County, CA Evansville Teachers FCU acquires First Liberty Financial Mortgage Ocwen Financial Corp.
So why are all these mortgage companies consolidating, laying off employees, sending out scary warnings, and going out of business?
Well, a recent statistic revealed that 2.33% of all US mortgages are currently delinquent, a number which is sure to rise over the next several years.
to cut 82 jobs in Frederick, MD Mid America Mortgage, Inc.
to purchase assets of American Southwest Mortgage Corp. Capital One exits mortgage business New Leaf Wholesale layoffs TCF Bank to acquire Rubicon Mortgage Advisors, LLC Del Sur Mortgage merges with Academy Mortgage Corporation Goldman Sachs acquires Genesis Capital Stearns Lending cutting 159 jobs in Orange County, CA Ocwen halts wholesale lending (forward), potential layoffs The Farmers and Merchants State Bank of Argonia (KS) closed by FDIC CIT Group to sell Financial Freedom, exit reverse mortgage business Home Street Bank to cut 133 mortgage jobs Bank of America mortgage layoffs in Charlotte, NC Peoples Bank to shut mortgage office in Westerville, OH, 31 layoffs Wells Fargo to cut 120 jobs at reverse-mortgage servicing operation in Fort Mills, SC Provident Bank layoffs in Riverside, CA Wells Fargo cuts 40 mortgage jobs in Des Moines, IA PHH Mortgage to cut 2250 jobs in New Jersey New York Community Bank to cut 200 jobs in Cleveland when it exits mortgage business Inter First Mortgage shuts down Atlantic Bay Mortgage Group to merge with Virginia Community Bank Academy Mortgage Corp.