ABN AMRO Layoffs
ABN AMRO will reduce its U.S. workforce by hundreds of employees.
Lender Pays Overtime
A Houston, Texas-based mortgage lender paid more than a half million dollars in back wages to employees in six states.
Michigan Processors Wanted
A mortgage outsourcer's expansion in Michigan will create hundreds of new jobs.
CA Broker Busy Growing
A mortgage broker is looking to double its staff of high producers and support personnel in California next year.
Washington Mutual will layoff hundreds of Wisconsin employees early next year.
Another Wholesaler Closes
As part of a $100 million cost reduction strategy, Sovereign Bancorp will exit the wholesale mortgage market. Many of Sovereign's 150 wholesale mortgage employees will lose their jobs through the closing of three offices.
National City Slows
National City Corp.'s monthly volume slowed. At month's end, the mortgage employee count was up 167 from October.
Mortgage Employment Higher
Employment in the mortgage sector grew for the third consecutive month. But a wave of consolidation currently rolling through real estate finance may change things.
Processor OT Lawsuit
Loan processors have filed a lawsuit against an Indiana-based mortgage lender claiming they were forced to work unpaid overtime and told to lie about it.
Acquisition Nets Layoffs
Morgan Stanley's latest acquisition will result in mortgage job layoffs.
Ownit Mortgage Solutions has notified its brokers that it is out of business -- leaving 600 employees and 11,500 brokers hanging.
Net Branch Launching
A California-based subprime wholesaler looks to expand into retail through a branch recruitment campaign -- a move that could increase its employee count by as much as 50.
Wachovia Corp.'s consolidation of its wholesale operations will result in layoffs in Connecticut.
Mortgage Job Shuffle
HomeBanc Mortgage Corp. recently laid off administrative employees in an effort to cut costs. But the company is now recruiting production personnel.
ditech Adding AZ Employees
ditech.com plans to boost its staff in the Grand Canyon State by as much as two-thirds.
WaMu Adding Jobs
Washington Mutual Inc. is seeking hundreds of mortgage servicing employees in South Carolina.
Expansion Creating 300 Jobs
In a massive expansion move, a California-based company has applied for mortgage licenses in 13 states and the District of Columbia and has already opened a Houston office.
Mortgage Employment Higher
Mortgage employment increased as unemployment decreased to the lowest level in over five years -- sending a benchmark Treasury yield surging.
WaMu Continues Trimming Staff
More mortgage job layoffs are scheduled at Washington Mutual Inc.
Layoffs at ABN AMRO
ABN AMRO Mortgage Group Inc. is consolidating its servicing operations, resulting in hundreds of layoffs.
2,500 Countrywide Job Cuts
In anticipation of a worsening marketplace, Countrywide Financial Corp. is beefing up its salesforce and cutting thousands of jobs that don't generate revenue.
Lead Company Shuts Down
A Charlotte, N.C., lead generation company that abruptly closed its doors is trying to make amends with its customers and the 75 employees it left behind.
WaMu Mortgage Business Worsens
During the third quarter, Washington Mutual Inc. said it would layoff 82 nonprime employees in Florida and about 350 other employees.
150 Jobs Coming to Ohio
A new call center in Ohio will result in the addition of 150 nonprime mortgage jobs by 2008.
National City Fundings Maintain
Defying an early third quarter trend, mortgage volume held steady at National City Corp. Mortgage employees topped 9,000 at the end of the period.
Quicken Adding AZ Employees
The nation's largest online retail mortgage lender will add hundreds of high-earnings jobs in the Grand Canyon State.
Recruitment Spawns Lawsuit
Connecticut regulators are accusing CTX Mortgage Co. of illegally recruiting the employees and stealing secret information from a competitor.
Mortgage Jobs Expand
Jobs in real estate finance held their ground during the latest month.
Overtime Ruling Favors Employers
The mortgage industry, which is still facing lawsuits and federal enforcement actions over originator overtime, has been handed a reprieve for the second time this year in the form of an opinion letter recently released by the U.S. Department of Labor. But employers must analyze whether the job duties of exempted employees match those laid out in the ruling.
Harassment Lawsuit Filed by EEOC
The Equal Employment Opportunity Commission has filed a lawsuit against a Utah-based residential mortgage lender alleging female workers were sexually harassed by the owner and other employees. But an attorney for the defendants claims an internal investigation by the company paints a different picture.
Best Places to Start a New Mortgage Career
New hires earned between $45,000 and $55,000 annually and took 25 to 46 paid days off during their first year at mortgage companies that recently ranked among the best places to start a new career.
128 Originators Suing Employer
A lawsuit against an Indiana-based mortgage company now includes 128 mortgage originators as plaintiffs -- and the number is still growing. The attorney who filed the case has a stern warning for other mortgage employers.
Countrywide Cutting Jobs
In response to the mortgage market slowdown, the nation's largest originator will reduce some of its workforce and temporarily slow the pace of hiring production personnel.
Slower Volume Prompts 1st Horizon Layoffs
A mortgage slowdown at First Horizon National has impacted hundreds of employees.
IndyMac Adding CA Jobs
Indymac Bank's relocation of an operations center will create more job opportunities in California.
Broker Owes $239,000 in Back Wages
The U.S. Department of Labor has filed a lawsuit claiming an Ohio-based mortgage broker did not pay his loan officers the required minimum wage under federal law.
Citi Adding AZ Jobs
CitiMortgage is working on tripling its staff in the Grand Canyon State.
NovaStar Acquires 21 Branches
NovaStar Mortgage Inc's purchase of an Indiana-based retail lending business will leave some employees out of work.
Navigating Rough Waters Ahead
Mortgage industry employment will come to a halt during 2007, according to Freddie Mac's chief economist.
Mortgage Employment Off
Monthly mortgage jobs inched down.
Wholesale Job Growth at CA Company
A California-based net branch company is expanding its wholesale lending operations.
200 Jobs Coming to Indy
Expansion plans by the parent of an Indiana-based mortgage company will help create hundreds of new jobs.
FHA Originators Must Be W-2
FHA loan originators cannot be paid as contractors.
Mortgage Layoffs at NetBank
Weakened nonconforming originations led to layoffs at NetBank Inc.
Lots of AZ Mortgage Jobs
Countrywide Home Loans is adding thousands of jobs in the Grand Canyon State.
Freddie Settles With Employees
The Federal Home Loan Mortgage Corp. has agreed to pay $4.65 million to settle a lawsuit alleging the company misled employees by overstating earnings and mismanaging their retirement funds.
Wells Trims Jobs
Wells Fargo Home Mortgage is closing a loan operations center and laying off workers in the process.
IndyMac Expansion Ongoing
IndyMac Bancorp Inc. recently expanded its staffing levels by hundreds and expects to continue doing so.
U.S. Mortgage Jobs Moving Overseas
Real estate lending leads the financial services industry in using offshoring to reduce labor costs. But some mortgage jobs remain exclusively domestic.
Merger to Result in Trimmed Jobs
Regions Financial Corp.'s merger with Amsouth Bancorporation will result in mortgage layoffs. But jobs being added at the new headquarters will offset some of the job losses.
Broker Growing and Hiring
An East Coast mortgage broker is expanding in the West.
Nonprime Layoffs at WaMu
Washington Mutual will layoff more employees when it closes a Florida office of its subprime unit.
AZ Company Seeks BoA Refugees
An Arizona-based banker is looking to expand mortgage staff across 11 states.
Chase Trimming Mortgage Jobs
Hundreds of jobs will be eliminated when JPMorgan Chase & Co. closes mortgage and home equity collection centers.
Mortgage Jobs Shoot Up
The mortgage industry swerved from three consecutive months of job decreases.
Space made available because of Ameriquest Mortgage layoffs is being used to help a California-based wholesaler add over a hundred new jobs.
Ameriquest Continues Layoffs
|Net Branch Expanding
With the help of an in-house mortgage-banking operation, the owner of a San Francisco-area net branch plans to add 12 more offices and 80 loan agents this year.
As part of the company's previously-announced planned layoffs, another group of Ameriquest Mortgage employees were released.
Wholesaler Adding AEs
A jumbo mortgage wholesaler is looking to supersize its staff.
BoA Layoffs in AZ
Hundreds of mortgage jobs in Arizona are in the process of being eliminated at Bank of America.
NY Lender Growing
A New York-based mortgage banker will hire hundreds of new employees to keep up with its rapid growth.
WaMu Cut Appraisal Jobs
Hundreds of home loan employees were laid off at Washington Mutual Inc.
Lender Adding Atlantic Jobs
A fast-growing New York-based lender is boosting its East Coast presence.
Mortgage Jobs Down Again
Mortgage jobs declined for the third consecutive month.
Major Growth Fueling Hiring at Wholesaler
A wholesale mortgage lender that has added 600 employees this year has no plans to cut back on hiring.
Home Equity Wholesaler Hiring Hundreds
A California-based home equity wholesaler plans to double its mortgage production over the next 12 months and hire 200 new employees in the process.
CA Firm Hiring Hundreds
Hundreds of jobs are up for grabs at a rapidly-growing California-based lender that began retail operations less than a year ago.
Subprime Retailer Lays Off 100
The subprime subsidiary of American International Group has shut down retail call centers.
NY Lender Doubling Staff
A fast-growing mortgage banker based in New York plans to nearly double its staff over the next year.
Maryland Lender Adding 100 Jobs
A planned relocation by a fast-growing Maryland-based lender will result in a one-third staff increase.
National City Volume Jumps
Employment at National City Corp. was 33,783 in May, according to an SEC filing.
Originator OT Issue Isn't Over
Washington Mutual Inc. was sued this week in a New York federal court by three former mortgage loan originators for failure to pay overtime and minimum wages. The trio claims the company can't hide behind a recent overtime ruling.
Employees Allege Fraud in Lawsuit
Former employees of a defunct Indiana-based mortgage banker are accusing the company of fraud.
Mortgage Jobs Off
Monthly mortgage employment figures fell but managed to stay above the half-million mark.
Couple Claims CTX Stole Staff
CTX Mortgage is being sued in Connecticut state court by a husband-and-wife team who say the Texas-based lender stole their employees using sales training seminars as recruiting grounds.
1,400 Laid Off at WaMu
Washington Mutual is laying off over a thousand people in Florida and Washington.
IndyMac Adding Employees
IndyMac Bank plans to get bigger and needs employees to help it grow.
Do The Math
A basic analysis of Ameriquest Mortgage's expense to settle charges of predatory lending with the states indicates that the hundreds of millions of dollars paid to borrowers will come right out of the pockets of the thousands of employees recently laid off by the subprime lender.
Hundreds Terminated at WA Company
Washington state regulators are probing the sudden and spectacular fall of a 410-employee company that claims to have originated billions of dollars in mortgages and now appears to be teetering on the brink of collapse.
Wells Expanding Mortgage Staff
Wells Fargo & Co. will expand its Iowa staff by hundreds.
Mortgage Employment Dips
Mortgage jobs stayed above 500,000 in March.
Washington Mutual Inc.'s realignment of correspondent lending operations will result in hundreds of South Carolina layoffs.
Ameriquest Lays Off 3800
Ameriquest has pursued a centralized business model that will help it better operate in today's lending environment. The transition, however, has left 3,800 people unemployed.
Accredited Originations Tumble
Employee count at Accredited Home Lenders Holding Co. at the end of the first quarter was down from the end of 2005.
Flagstar Fading Into Obscurity
Mortgage production slid for the second consecutive quarter at Flagstar Bancorp Inc. as the lender cut 14% of its salesforce.
50 NY Originator Jobs Open
A home-equity mortgage company based in New York plans to increase its staff by 50 percent.
REIT's Production Off
Nearly 2,700 loan officers and account executives were employed at American Home Mortgage Investment Corp. at quarter's end.
$186,000 Originator OT Judgment Against Ohio Co.
A recent originator overtime ruling by a government agency has the attorney representing one mortgage company scratching his head about how to handle a judgment issued before the ruling.
IndyMac Defies Industry
IndyMac Bancorp expanded sales staff by 27 percent to 811 during the first quarter.
Mixed Opinions Over Overtime Ruling
Commissioned mortgage loan originators who generate little or no income can no longer hold their employers liable for minimum wage compensation and overtime pay. But the reprieve, which came in the form of an opinion letter recently released by a federal agency, doesn't go far enough, according to mortgage employers with pending actions against them and attorneys.
First Horizon Falters
First Horizon National Corp. reportedly employed 2,609 salespeople at the end of the first quarter.
Another One Bites the Dust
|Work Hard, Play Hard
A Florida mortgage company hopes that employee ownership, a playful atmosphere and accommodations for children will enable it to maintain its status as one of the best local places to work.
Another subprime wholesaler is calling it quits -- leaving employees in seven states without a job.
MBNA Mortgage Jobs Cut
The integration of MBNA Corp. into Bank of America will cost hundreds of mortgage employees their jobs this summer.
WASHINGTON -- Faced with an overwhelming number of overtime lawsuits and stepped-up wage and hour enforcement by the Department of Labor, mortgage brokers recently met in the nation's capital to talk about how to deal with compensation for loan originators.
REIT to Reduce Workforce
One day after announcing senior executives will take a drastic pay cut, a California-based nonprime lender said it will cut hundreds of jobs.
Mortgage Jobs Jump
Employment in real estate finance reversed a three-month decline and bounced back above 500,000.
Lender Boosts Alt-A Hires
Better than expected activity has prompted an Alt-A lender to boost by 500 the number of mortgage jobs it plans to create in Connecticut -- bringing on the additional people more quickly than originally planned.
50 Jobs Coming to PA
|Branch Manager Monitored Bathroom
A branch manager for a Houston-based mortgage company was fired after a television monitor displaying the only employee bathroom was accidentally discovered in his office.
One of the three major credit reporting agencies is venturing into mortgage closings.
Wells Sued for Pregnancy Discrimination
Wells Fargo Home Mortgage has been sued by a former residential mortgage manager who claims that, while employed by the company, she was punished for becoming pregnant.
Subprime Employees Laid Off
A California-based subprime lender has announced it will close wholesale operating centers in Florida and New Jersey -- leaving 100 employees without a job.
Quicken Adding 100s of Ohio Jobs
Quicken Loans is opening a new Internet home lending center where it will bring on hundreds of new employees.
Firm Fined $600k by Labor Dept.
A New Jersey-based mortgage company received a fine of nearly $600,000 for failing to pay required wages to foreign workers.
Nearly 300 Mortgage Jobs Coming to Kentucky
An Internet-based mortgage banker will add hundreds of new jobs in Kentucky.
Best Mortgage Education
People new to their mortgage-related positions are likely to receive much better training at a handful of companies recognized as the best workforce trainers and developers.
Trump Mortgage Adding Employees
Mortgage loan originators working at Donald Trump's new mortgage business won't necessarily be subject to the proverbial "You're fired," the man running the company told MortgageDaily.com.
Ohio Co. Settles OT Charges
An Ohio-based mortgage company has agreed to pay back wages to its loan officers after an investigation by the Department of Labor revealed that the company's policy of paying monthly commissions violated federal law.
Mortgage Jobs Fall Below 500,000
The number of mortgage employees decreased for the third consecutive month.
Wachovia Adding Mortgage Sales Jobs
Wachovia Corp. plans to hire hundreds of mortgage loan originators this year.
Wells Adding Multilingual Staff
High mortgage demand in the San Francisco Bay Area prompted Wells Fargo Home Mortgage to open yet another office and further expand mortgage staff.
Broker Baffled Over Overtime Lawsuit
The Department of Labor has filed a lawsuit against two Ohio-based mortgage companies which it claims failed to pay their sales agents more than $220,000 in back wages. But the companies' owner has vowed to fight the action, claiming that his employees were properly paid on a commission basis.
Option One Consolidating
Option One Mortgage Corp.'s consolidation will result in hundreds of layoffs.
Mortgage Jobs Coming to TX, CA
A California-based mortgage banker will create hundreds of jobs as it expands its presence in the Golden State and establishes its business in the Lone Star State.
LOs Sue First Horizon
A federal judge has ordered that a lawsuit filed on behalf of seven loan officers who claim that First Horizon Home Loan Corp. did not pay them overtime can proceed as a nationwide collective action.
Subprime Entrepreneur At It Again
Senderra Funding LLC in Charlotte, N.C., eventually plans to have more than 200 employees.
WaMu Laying Off Thousands
Washington Mutual Inc. announced it will close 10 mortgage processing offices and slash thousands of jobs.
Merger Related Layoffs at MBNA
Bank of America's acquisition of MBNA will likely result in thousands of layoffs, and some of the jobs being cut are mortgage-related.
Waterfield Shedding Hundreds of Jobs
The sale of Waterfield Financial Corp. will result in hundreds of mortgage-related layoffs.
Jobs Flow Out of Real Estate Finance
About 1,400 fewer people worked in mortgage-related positions at the end of December than at the beginning.
Texas Town to Host 1,500 Countrywide Employees
Countrywide Financial Corp.'s continued expansion in the Lone Star State will create hundreds of new jobs in North Texas.
Fake Paystubs Online
A Florida Internet company has allegedly offered online services for mortgage loan applicants that needed fake paystubs.
Argent Employees Laid Off
The wholesale subsidiary of America's largest subprime lender laid off hundreds of employees.
OT Lawsuits Filed Against Wells, National City
Two mortgage giants face lawsuits alleging the companies violated federal law by refusing to pay overtime.
Cost Cutting Prompts WaMu Layoffs
Washington Mutual's plan to move some of its functions offshore has resulted in mortgage job layoffs in South Carolina. The repositioning is part of a bigger plan to make the thrift leaner, more efficient and more profitable.
A number of nonprime mortgage lenders have recently decided to trim their operations, and profit margin pressures have led yet another mortgage player to do so. This time around, a California-based wholesaler will shed about 10 percent of its workforce with its exit from the subprime business.
Servicer Adding 150 Jobs
Enticed by nearly $2 million from the local government, a Scottsbluff, Neb.-based mortgage servicer plans to remain in the city and add 150 new employees over the next two years.
MortgageIT Cutting Subprime Jobs
Subprime production fell at MortgageIT Holdings Inc., and the company plans to close half of its subprime branches -- cutting jobs in the process.
Best Mortgage Employers
More than one in ten of the best places to work is mortgage-linked.
ECC Cutting Hundreds of Jobs
A California-based subprime lender announced more than 400 of its employees will be laid off this quarter as a result of a reorganization.
Lender Plans 100 New MN Jobs
The operator of a Colorado mortgage company wants to expand into the Minnesota town where he was raised.
Mortgage Employment Ends Record Streak
Mortgage jobs may have topped out.