Flagstar Bank has reduced its mortgage staff by 20% since the calendar turned to 2022, laying off 420 employees amid a significant drop in origination volumes and margins.
The post Flagstar Bancorp cuts 20% of its mortgage staff appeared first on HousingWire.
Flagstar Bank has reduced its mortgage staff by 20% since the calendar turned to 2022, laying off 420 employees amid a significant drop in origination volumes and margins.
The post Flagstar Bancorp cuts 20% of its mortgage staff appeared first on HousingWire.
Flagstar Bank is facing three class action suits from customers alleging negligence and violation of state data protection laws, among other counts, from a December hack affecting over 1.5 million users.Plaintiffs Allie McLaughlin, Scott Temple and Thomas Cowan, and John Scott Smith filed the separate lawsuits over the past two weeks in the Eastern District of Michigan United States District Court shortly after Flagstar revealed a two-day cyberattack in December that impacted 1,547,169 customer...
Flagstar Bank is facing three class action suits from customers alleging negligence and violation of state data protection laws, among other counts, from a December hack affecting over 1.5 million users.Plaintiffs Allie McLaughlin, Scott Temple and Thomas Cowan, and John Scott Smith filed the separate lawsuits over the past two weeks in the Eastern District of Michigan United States District Court shortly after Flagstar revealed a two-day cyberattack in December that impacted 1,547,169 customer...
Industry News
JPMorgan Chase Reducing Its Mortgage Staff
David Krechevsky
Jun 23, 2022
Company will layoff, reassign workers from its consumer lending business.
JPMorgan Chase & Co. said Wednesday it was laying off some employees and reassigning others in its mortgage business, citing inflation and rising ...
Industry News
JPMorgan Chase Reducing Its Mortgage Staff
David Krechevsky
Jun 23, 2022
Company will layoff, reassign workers from its consumer lending business.
JPMorgan Chase & Co. said Wednesday it was laying off some employees and reassigning others in its mortgage business, citing inflation and rising ...
Multifamily mortgages had a banner year in 2021 and they're doing better than anticipated in 2022, according to recent mid-year forecasts.Originations totaled $487 billion last year, marking an all-time high, according to Mortgage Bankers Association research published Tuesday. In addition, volume this year is beating expectations, Freddie Mac's research team said in a separate report. However, this sector of the market – which banks like HomeStreet have used to partially offset single-famil...
Multifamily mortgages had a banner year in 2021 and they're doing better than anticipated in 2022, according to recent mid-year forecasts.Originations totaled $487 billion last year, marking an all-time high, according to Mortgage Bankers Association research published Tuesday. In addition, volume this year is beating expectations, Freddie Mac's research team said in a separate report. However, this sector of the market – which banks like HomeStreet have used to partially offset single-famil...
If CIBC economists are correct, the Bank of Canada’s expected rate hike next week will be its last of this rate-hike cycle. In a report published last week, economists Benjamin Tal and Karyne Charbonneau say they expect the Bank of Canada to hike another 75 bps next week, and will then call it a day, leaving the overnight target rate at 3.25% “for the duration of 2023.” They also see the 5-year bond yield averaging 2.45% in 2022 and 2.3% in 2023, which they say translates to close to $19 ...
If CIBC economists are correct, the Bank of Canada’s expected rate hike next week will be its last of this rate-hike cycle. In a report published last week, economists Benjamin Tal and Karyne Charbonneau say they expect the Bank of Canada to hike another 75 bps next week, and will then call it a day, leaving the overnight target rate at 3.25% “for the duration of 2023.” They also see the 5-year bond yield averaging 2.45% in 2022 and 2.3% in 2023, which they say translates to close to $19 ...
The mortgage industry still needs to wring out more capacity in order to get to where it needs to be to operate profitably, Marina Walsh, the Mortgage Bankers Association's vice president of industry analysis, told attendees at the group's annual convention in Nashville on Sunday.Based on various data sources, including its own Weekly Applications Survey, Walsh and her colleagues determined "we're about a third of the way there, we still have a ways to go."The market peaked in the fourth quarter...
The mortgage industry still needs to wring out more capacity in order to get to where it needs to be to operate profitably, Marina Walsh, the Mortgage Bankers Association's vice president of industry analysis, told attendees at the group's annual convention in Nashville on Sunday.Based on various data sources, including its own Weekly Applications Survey, Walsh and her colleagues determined "we're about a third of the way there, we still have a ways to go."The market peaked in the fourth quarter...
SF-based digital real estate unicorn Roofstock decided to lay off 20% of its workforce, following its first NFT-powered property sale.
The post Real estate unicorn Roofstock cuts its workforce by 20% appeared first on HousingWire.
SF-based digital real estate unicorn Roofstock decided to lay off 20% of its workforce, following its first NFT-powered property sale.
The post Real estate unicorn Roofstock cuts its workforce by 20% appeared first on HousingWire.
Flagstar Bank in Troy, Michigan, was hit with a massive data breach last winter impacting over 1.5 million of its customers, the company reported.In a disclosure Friday to the Office of the Maine Attorney General, the bank revealed that a two-day breach in early December affected 1,547,169 customers. The incident, only described as an “external system breach (hacking)”, occurred between Dec. 3 and 4, and an investigation with third-party forensic experts discovered on June 2 that Social Sec...
Flagstar Bank in Troy, Michigan, was hit with a massive data breach last winter impacting over 1.5 million of its customers, the company reported.In a disclosure Friday to the Office of the Maine Attorney General, the bank revealed that a two-day breach in early December affected 1,547,169 customers. The incident, only described as an “external system breach (hacking)”, occurred between Dec. 3 and 4, and an investigation with third-party forensic experts discovered on June 2 that Social Sec...
