Few Mass Mortgage Layoffs
Despite a projected drop in home-lending activity this year, there have been few mass layoffs so far in the industry. Two bank mergers will result in job cuts.
Over 100 Layoffs at Banc of California
As the sale of Banc of California Inc.'s mortgage business approaches, the financial institution has disclosed plans to layoff more than a hundred employees.
Small Utah Bank Fails
A small bank in Utah has been shut down by regulators. The latest depository failure puts the nation on track to exceed the total for all of last year.
Buyer Found for PHH's Jacksonville PLS Unit
A buyer has emerged for PHH Mortgage Corp.'s private-label services operation that is located in Jacksonville, Florida.
PHH Mortgage Fundings Fall, Losses Balloon
Quarterly losses at the parent of PHH Mortgage soared past $200 million as home-lending volume fell. The company is transitioning into a smaller business.
HomeBridge Closes on Prospect Acquisition
With the closing of an acquisition announced last year, two mortgage banking firms have combined to create one of the nation's 20-largest lenders.
Large Northeast Credit Union Fails
A federally insured credit union that is operating in the Empire State with nearly $2 billion in assets has gone belly up.
Acquisition Creates No. 4 Correspondent Originator
With an acquisition deal negotiated, Flagstar Bancorp Inc. will be able to claim the title of the fourth-largest correspondent mortgage originator.
Investments Made in Mortgage Firms
Deals have been negotiated, and some closed, to acquire residential lenders. In addition, capital investments have been made in some mortgage firms.
Chicago Bank is 2nd Bank Failure of 2017
The demise of a Chicago bank was the second bank failure this year. Another recent casualty was that of the seventh-largest reverse mortgage originator.