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So why are all these mortgage companies consolidating, laying off employees, sending out warnings, and going out of business?
C Stonegate Mortgage to close 47 retail branch locations Bank of America to cut roughly 100 mortgage jobs in Charlotte Green Tree Servicing cutting 31 jobs in Birmingham, AL First Mortgage Corp.
shutting down, Freedom Mortgage to acquire select assets/employees The Bank of Georgia shut by FDIC Hometown National Bank shut by FDIC Ocwen Financial Corp.
to cease mortgage operations The Woodbury Banking Company shut by the FDIC Ditech Financial to cut 79 jobs as it closes Kennesaw, Georgia facility Freedom Mortgage acquires Sterling National Bank’s mortgage operations AIG to sell United Guaranty to Arch Capital M&F Bank has temporarily withdrawn from the mortgage business BOK Financial to exit correspondent lending business Seneca Mortgage Servicing LLC to cut 43 jobs in Buffalo, NY Ever Bank for sale, acquisition in the works Home Point Financial acquires mortgage originations and operations of Emery Financial Republic First Bancorp will acquire Oak Mortgage Company Ditech Financial to close San Antonio office, 78 layoffs Bank of America to close mortgage center near Portland, OR, 102 layoffs New American Funding to wind down wholesale lending department Wells Fargo to cut commercial mortgage jobs in Oakland, CA Guild Mortgage to buy Ameri Pro Home Loans Ocwen Financial to cut 120 jobs First Corner Stone Bank shut by FDIC Caliber Home Loans to acquire First Priority Financial Ditech Financial cutting 103 jobs in St. to exit wholesale/correspondent mortgage lending channel First Guaranty Mortgage Corp.
to acquire Trust Company Bank (Memphis, TN) shut by the FDIC Wells Fargo cutting 91 jobs in Fort Mill on soft refinance demand Kinecta FCU to exit third-party mortgage origination business North Milwaukee State Bank shuttered by FDIC WJ Bradley Mortgage rumored to be ceasing operations Hometown National Bank (WA) shut by FDIC The Bank of Georgia shut by FDIC Wells Fargo laying off 87 mortgage workers in Raleigh Capital One to lay off 109 employees at Wilmington, DE mortgage center Wells Fargo to cut 59 mortgage jobs in Washington state Wells Fargo to cut 68 mortgage jobs in Charlotte and Fort Mill Walter Investment Management Corp.
– merged with NYLX, create Loan Logics Alabama Trust Bank, National Association – shut by FDIC All American Bank – shut by FDIC Allegiance Bank of North America – shut by FDIC Allendale County Bank – shut down by FDIC Alliance Bancorp – closed, filed for Ch.