Firm Abandons Mortgage Lending for Energy
An Indiana-based firm is closing its mortgage originations business to focus on energy in the Middle East. More than 100 loss-mitigation employees are impacted from the decision.
Freedom Financial Mortgage Corp will end mortgage operations on Dec. 31, an announcement from Freedom Financial Holdings Inc. today indicated. The board approved an authorization to divest ownership in the 12-year-old subsidiary.
Major mortgage industry changes have left the once viable company in an unprofitable business model, Freedom Financial Chief Executive Officer Brian Kistler said in the statement.
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Chase Hiring Originators
In preparation for a housing recovery, JPMorgan Chase & Co. is recruiting more than a thousand mortgage originators in nearly two dozen states.
Mortgage Layoffs Outpace Hirings According to MortgageDaily.com Q3 Report
Growth in mortgage servicing jobs was not enough to keep headcount in the mortgage sector from falling, according to the MortgageDaily.com Third Quarter Mortgage Employment Analysis. But the rate of contraction has slowed considerably from the ugly pace set two years ago.
2 Local Governments Support Hirings
Job seekers in two states recently got a boost from local governments looking to grow their business base. In all, more than 350 mortgage-related hirings in three states were recently reported.
Banks Cut Over 2,000 Jobs
U.S. banks cut, or plant to cut, more than 2,000 positions during the second half of this year. Many of the layoffs are directly tied to acquisitions made since last year.
Mortgage Jobs Fall Further
In line with the overall job market, mortgage employment contracted again.
Flagstar Performance Deteriorates
Home loan production sank as Flagstar Bancorp Inc. reported a massive quarterly loss and a decline in headcount. But the company's new chief, who was also elected chairman of the board, is moving quickly to stop the bleeding.
MetLife Fundings Fall
Quarterly mortgage production fell by a third at MetLife Home Loans. But mortgage headcount grew, reverse mortgage originations were higher and the servicing portfolio increased.
Mortgage Employers Sued
Among three mortgage employment lawsuits is one against a Chicago lender alleging sexual harassment. Another case against a Washington lender alleges a smear campaign against a former executive.
Special Servicer Sees Success
A Texas-based servicer of distressed mortgages that launched only late last year expects to hire more than 100 employees during the next 12 months. The high-touch servicer is seeing big success with its modifications -- which are re-defaulting are a far lower rate than the rest of the industry.
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