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Panorama Mortgage Group acquires Lone Peak Lending (8/15/22)Ĭypress Mortgage Capital, Inc. Reali to shut down, 132 layoffs in San Mateo, CA (8/24/22)īlend Labs laid off 400+ employees (about 25% of workforce) (8/16/22) Movement Mortgage acquires mortgage brokerage Superior Rate Mortgage (8/24/22) Mountain West Financial ceases wholesale lending (8/24/22) Wells Fargo to lay off another 75 workers in Des Moines area (9/1/22)īetter Mortgage to cut another 200+ jobs (8/25/22) Suburban Mortgage appears to have closed its doors (9/1/22) Homepoint to lay off 526 employees in TX (9/2/22) List last updated on September 16th, 2022 Latest updates:ĪmeriSave Wholesale Mortgage Solutions shutting down (9/2/22) Simply put, mortgage companies must “rightsize” as too many players chase far too few loans. Those can be seen below the list at the bottom of the page. I’ve seen a surge of user comments from former mortgage employees who have been laid off.

Recently, mortgage layoffs have been driven by a major decrease in refinance demand and a dwindling pool of eligible home buyers thanks to significantly higher mortgage rates. Given how bad things got, this isn’t too surprising. There were some 86,126 mortgage job cuts in 2007, and countless more in subsequent years as major institutions like Bear Stearns, Countrywide Financial, IndyMac, and Washington Mutual all shuttered.Įven though it has been roughly a decade since the downturn began, mortgage companies are still facing the consequences of getting involved in what was then a very risky housing market.Īmazingly, we continue to see layoffs and closures driven by what transpired many years ago.

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mortgages were delinquent, a number which was sure to rise over the following years as the full extent of the mortgage crisis revealed itself.īetween the first and second quarter of 2006 alone, mortgage repurchase requests tripled thanks to shoddy underwriting that was prevalent during that era.Īdding to lender woes were declining home values in almost every metropolitan area throughout the United States, sky-high home prices at time of origination, rising mortgage rates, rampant fraud, a deteriorating secondary market, and unmanageable mortgage payments. I first created this list of mortgage layoffs and closures in February 2007, back when scores of mortgage companies were consolidating, laying off employees, sending out scary warnings, and going out of business.Īround that time, some 2.33% of all U.S.

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