Last week, BlackRock (BLK), the world's largest asset manager, said it will lay off about 500 employees or roughly 3% of its workforce. The Texas-based company is adapting to "members' needs and changes in the marketplace," which resulted in a scale down in some divisions, a spokesman said. Apparently they are merging with another company??? Sickening. Goldman Sachs was hit with a wave of layoffs this week that affected more than 3,000 of the firms staff, or about 6.5% of its total workforce. Amazon employed 1,544,000 people as of Sept. 30, up from 1,468,000 during the same period in 2021, the companys latest quarterly filing indicated. Finance Of America Layoffs - GoLayoffs January 5, 2023, 10:25 AM. (dba Amerifirst Home Mortgage, Ameriuno, & Ameritrust. I work there. Keep your eyes open and share with others who are in need of a job. Open Mortgage laid off 25 people back in March 2019. Regardless, theyre not the great company I thought they were. The company loan origination volume fell to $5.1 billion in the first quarter, down 26% from the prior quarter and 39% from the first quarter of 2021. Finance of America to close Conshohocken office, lay off 101 employees 2023 Economic Outlook: Bank of America Forecasts Layoffs, Jobs Lost There is a 1stnwm but its not the same one..anybody have a good contact number? Number is unknown. Many of the tech firms that lobbied for more temporary visas for high-skilled immigrants are now firing these workers, leaving them with 60 days to find a new job or leave the country. The past meetings I had were about the laying off the ones not being productive. However, the company offered severance payments based on tenure and job position. Finance of America Posts Nearly $1.4B Loss Due To Accounting Change Tech sector layoffs leave H1B visa holders, many from India, at risk of The loss was a swing from a $127 million profit in the same period of 2021. This year's layoff announcements come as U.S. companies grapple with inflation, higher interest rates, and a deteriorating economic environment that has prompted both needed and precautionary. Paid off mortgage in 2004 Washtenaw Mort. Why this site doesnt acknowledge is odd to me. Like many competitors, FoAs traditional mortgage business has been affected by higher mortgage rates. Business Loans and Lines of Credit, Equipment Finance-Leasing, Real Estate Financing, Capital Access Funds, Global Institutional Consulting, Investment Solutions, Debt Capital Markets, Equity Capital Markets, Mergers . The Labor Department will publish its jobs report for December at 8:30 a.m. 11 bankruptcy petition, layoffs Transnational Financial Network suspended wholesale lending operations Triad Guaranty halts new business, layoffs Trident Mortgage Company no longer accepting applications Tri-Star Lending Group acquired by Impac Mortgage Holdings Trojan Lending ceased wholesale production Truman Bank shut by FDIC Trump Mortgage closed Trust Company Bank (Memphis, TN) shut by the FDIC Trustar Bank acquired Granite Mortgage Turnberry Bank shut by FDIC Two Harbors purchased Matrix Financial Services UBS to cut 8,700 jobs UBS to cut another 2,000 jobs UBS Home Finance stops wholesale lending Ulster Bank (RBS-UK) cut 750 jobs, close First Active mortgage unit Union Bank, National Association shut by FDIC Union Bank & Trust shuttered its Union Mortgage Group subsidiary, layoffs Union Home Mortgage Corp. to buy NOIC/Concord Mortgage Group Unique Mortgage Solutions closed, layoffs Unison cut 89 jobs in CA United Americas Bank shut by FDIC United Bank cut mortgage loan officer jobs as part of restructuring United Commercial Bank shut by FDIC United Equity LLC (Baltimore) shut down United Guaranty layoffs United Residential Lending halts wholesale lending United Security Bank shut by FDIC Unity National Bank shut by FDIC Universal American Mortgage Co. (mortgage banking subsidiary of home builder Lennar Corporation) acquired branches of Pinnacle Mortgage Group, Inc. Universal American Mortgage Co. shut down its processing center, 57 layoffs Universal Mortgage Corp. to close, 100 layoffs Unlimited Loan Resources closed Upland Mortgage filed Chapter 11 bankruptcy Urban Fulfillment Services LLC closed mortgage processing branch in Westlake Village, CA, 85 layoffs U.S. Bank cut approximately 40 mortgage jobs in Brookfield, WI U.S. Bank exited wholesale mortgage lending U.S. Bank cut jobs in Owensboro, KY U.S. Mortgage Corp. stops retail lending USA Bank shut by FDIC USA Federal Credit Union layoffs USA Mortgage / DAS Acquisition Co. acquired Capital Mortgage Solutions USA Mortgage/DAS Acquisition Co. cut 25 jobs USAA Bank eliminated 265 mortgage positions in Phoenix, San Antonio, and Tampa USAA Bank cut 120 mortgage jobs in Addison, TX, offering relocation Valley Bank locations in Fort Lauderdale, FL and Moline, IL shut by FDIC Valley Capital Bank shut by FDIC Valley Community Bank shut by FDIC Valley Vista Mortgage shut down all operations Vanderbilt Mortgage and Finance bought Silverton Mortgage Specialists Vantage Point Bank closed by FDIC Vantus Bank (IA) shut down by FDIC Varde Partners Inc. bought Deephaven Mortgage LLC Velocity Commercial Capital, LLC layoffs reported Velocity Financial Inc. layoffs Venture Bank shut down by FDIC Vericrest Financial Inc. changed its name to Caliber Home Loans Inc. Veritex Community Bank acquired 49% stake in Thrive Mortgage, LLC Vertex to cut 55 jobs related to DB Mortgages account (Deutsche Bank UK) Vertical Lend changes name to World Alliance Financial Vertice shut down (Wachovia wholesale lending channel) Vertice (Wachovia unit) undisclosed number of job cuts in third quarter of 2007 Vertice (wholesale mortgage unit of Wachovia) cutting 40 more jobs Victoria Mortgage Funding closed (UK subprime lender) ViewPoint Bankers Mortgage acquired 45 former CTX Mortgage employees Village Mortgage Company shut down wholesale lending channel Vineyard Bank shut by FDIC Virgin Money U.S. closed Virginia Business Bank shut by FDIC Virtual Bank Mortgage now Lydian Mortgage Vision Development Group of Broward County LLC (condo developer) Ch. The job cuts are likely only to be the first in a series of layoffs across the finance world and Wall Street as the countrys economic condition becomes shakier. Hi, Can you please tell me who took over the accounts for Beneficial Mortgage? The increasingly darkening skies for banking and finance come after a year in which tech companies were buffeted by layoffs, despite most other parts of the labor market proving resilient. Thank you!! Here are the fintechs that have announced layoffs so far, from Coinbase to Robinhood. Follow her on Twitter @alexandraandnyc, Click here for the latest stock market news and in-depth analysis, including events that move stocks, Read the latest financial and business news from Yahoo Finance, Download the Yahoo Finance app for Apple or Android, Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube, slashed about 6% of its workforce, or 3,200 jobs, warned of layoffs in a year-end audio message, INSIGHT-Before fatal collapse, Turkish building had skirted code thanks to Erdogan policy, In Chicago, adapting electric buses to winters challenges, Ukraine ally Kallas fights for reelection in Estonia vote, Global race to boost electric vehicle range in cold weather, UK says Ukraine forces under increasingly severe pressure defending Bakhmut. CrossCountry Mortgage acquired PERL Mortgage, Inc. E-Trade exits wholesale mortgage business, Encore Credit merging with Bear Stearns Residential Mortgage, Finance of America Mortgage acquired Skyline Home Loans, First Magnus no longer funding or originating any mortgage loans, FNBA wholesale division and correspondent line shut down, Freedom Mortgage Corp. acquired J.G. Bank of America is projecting that the US economy will lose over 500,000 jobs in 2023. Need a copy of the payment that was used to pay off a Mortgage for my parents home in 1995. TheLayoff.com (current) Latest Posts . I know Ocwen took over Aames because I had a loan for 132,000 and it was released by Ocwen, but there was a second mortgage which was never funded in the amount of 150,000 and Ocwen has no knoweledge of it. They havent paid their employees either. Big Banks, Big Troubles: HSBC, Deutsche, Societe, and Citi Lay Off This includes 100 layoffs in Israel, where Amdocs has a significant presence with about 5000 employees. "Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so," Jassy said in his message to Amazon staff. Alexandra Semenova. But then when you meet the set goal, they still remove you from your position and force you into an hourly role, taking future commissions (since they pay on closings) and giving them to random bankers or you can be terminated. A wave of layoffs that hit dozens of US companies toward the end of 2022 shows no sign of slowing down into 2023.. On Thursday, Yahoo announced plans to cut 20% of its global workforce, or more . Loansteady laid off about 30%+ of its staff and is now merging with Mutual of Omaha, Pennymac laid off 300 Underwriters as of Monday 5/9/2022, Homeowners Financial Group out of Arizona , laid off people on 5/2. Primary Residential Mortgage, Inc. (PRMI) laid off 1/3 of their staff last month over the course multiple weeks and laid off several executives (VP EVP) yesterday. Finance of America Careers and Employment | Indeed.com Theyve been staying under the radar by doing them in smaller numbers (aprox 30 at a time). After three consecutive quarterly losses, Finance of America Companies (FoA) is negotiating to sell its retail mortgage division, while also planning to shut down its forward wholesale channel. Same reason as everyone else rates and lower demand. Amazon (AMZN) CEO Andy Jassy said late Wednesday the company would cut "just over 18,000 roles," a higher reduction than initially planned. Wow that list is pretty long. The results on Nov. 4 led to a 21% decline in the company's stock, compared to $7.82 per share on the first day of 2022. The shutdown of Finance of America Mortgage will accelerate the companys ability to partner with large mortgage lenders and other financial services companies to offer FoAsspecialty finance and services (SF&S) solutions on their platforms, Fleming added. Pretty much just a skeleton crew left. A Long List of Mortgage Layoffs, Mergers, and Closures News of Bank of America layoffs has led to an impressive surge of nearly 2% in BAC stock. FoA cut roughly 600 jobs between March 2021 and March 2022. Seniority, nor tenure, nor high quality Underwriting pass rate, nor meeting production goals secured ones employment. Terms of Service. February 2. It would be nice if you included the date on your corporate event summaries above. It was owned by HSBC, which may have sold it to any number of different servicing companies. We have a loan with First Direct Lending in Irvine, CA. Now, its about doing more with less and combining teams to one manager. Bank of America layoffs not in the cards for chief Brian Moynihanhe'll Anybody know the successor of First National Security Corp? The widespread layoffs in the first half of 2022 have already dismantled a few mortgage companies - some which have closed lending channels or exited the market altogether, and at least one which has declared bankruptcy. No class. They are no longer in business now. Roseville June 1, 2018 Severance - 10 weeks. Finance of America Mortgage A monthly Bloomberg survey of economists found that there is about a 70% chance of a recession, more than double what was predicted six months ago. All rights reserved. Roku Is One of Fast Company's Most Innovative - finance.yahoo.com The market downturn is a reason for the layoffs, for sure. 11 bankruptcy Movement Mortgage acquired retail division of Platinum Mortgage Inc. Movement Mortgage acquired retail mortgage operations of Eagle Home Mortgage, LLC Movement Mortgage cut 100 jobs nationwide Movement Mortgage acquired First State Bank (VA) Movement Mortgage cut 180 jobs in Fort Mill, Norfolk, Richmond, and Tempe Mountain Heritage Bank shut by FDIC Mountain National Bank closed by FDIC Mr. Cooper acquired Pacific Union Financial LLC Mr. Cooper ceased wholesale lending operations, layoffs Mr. Cooper cut 109 jobs in Santa Ana, CA MutualBank acquired Summit Mortgage, Inc. Mutual Bank shut by FDIC Mutual of Omaha Bank closed mortgage processing operation in Lincoln, NE Mutual of Omaha Bank outsourced in-house mortgage origination channel to Guild Mortgage MVB Bank purchased Potomac Mortgage Group MVB Mortgage and Intercoastal Mortgage Company combined Mylor Financial closed National Bank Holdings Corp. to acquire Peoples Bank, which will sell or shut its national mortgage business by the end of 2017 National Bank of Commerce shut down by FDIC National City ceases wholesale lending National City exits correspondent lending business National City laid off 1,300 National City cut 50 jobs in San Diego National City to exit warehouse lending National Home Equity consolidated by National City Corp., suspended originations, layoffs National Wholesale Funding halted operations NationPoint halts loan origination, layoffs Nationpoint subsidiary of Merill Lynch laid off 60 people in August, 70 more in Nov. Nation One Mortgage Co. Inc. wholesale lender stopped origination and funding of mortgages Nationstar Mortgage changed name to Mr. Cooper Nationstar Mortgage cut 70 jobs at Lewisville, TX headquarters Nationstar Mortgage cut 150+ loan servicing jobs Nationstar Mortgage cut 105 jobs in Scottsbluff, NE Nationstar Mortgage closed St. Louis office, 115 layoffs Nationstar Mortgage sold wholesale division to Stonegate Mortgage, 1,000+ layoffs Nationstar Mortgage acquired Greenlight Financial Nationstar Mortgage purchased $10.4 billion in loan servicing rights from Bank of America Nationstar Mortgage acquired ResCap mortgage servicing assets Nationstar Mortgage acquired Champion Mortgage, closed multiple offices, incl. Citigroup's chief financial officer Mark Mason also said last week in an earnings call that the bank was actively hiring to execute against our strategy, while also replacing where that makes sense in light of the environment that we're in.". CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER. Goldman Sachs Solomon admitted last month in an interview at the Wall Street Journals CEO Council Summit the company hired at a frenzied pace to keep up with record deal making activity at the time. The Federal Reserve has been raising interest rates at a historically aggressive pace to drive down inflation (which is clocking in at 6.5%). From reverse mortgages to commercial loans, home improvement financing and lender services, we deliver a positive customer experience and do business with a personal touch. Mortgage Businesses Seen Laying Off Thousands as Volume Drops No class at all. Inflation is high, so why arent mortgage rates higher? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Given how high inflation is right now, why arent mortgage rates even higher? Finance of America's losses deepened in the second quarter as spread widening intensified, impacting even loan segments that were previously insulated from it, and outpacing gains in areas like servicing advisory services. Someone uploaded the zoom on YouTube. NewDay USA offered severances of 1-mo and laid off a few dozen, Saw on linkedin from several contacts that Keller Mortgage had a pretty big layoff. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Tech companies, banks overstaffed, while airlines, hotels need - CNBC Today, Bank of America (NYSE:BAC) is grabbing a disproportionate amount of attention.News of Bank of America layoffs has led to an impressive surge of nearly 2% in BAC stock. Those can be viewed below the layoff lists at the very bottom of the page. The bank is expecting a modest deterioration in its macroeconomic outlook reflecting a mild recession in the central case.. Academy Mortgage just dissolved their Growth & Development and Employee Engagement departments, as one of the G & D employees, I am not sure how many layoffs in total. Along with letting people go a day before end of month so that will not have to pay them bonus wages. We received a 10-minute notice. Looking to find out who took over Residential Funding Corp mortgage loans. As the volume goes down, the number of people you need goes down. Finance of America Companies provides a diverse selection of lending products and services that meet customers' financial needs throughout each phase of their lives. They will tell you everything is ok until they call you the day of. Laurel, NJ PHH Mortgage Corp. laid off 69 employees in Amherst, NY PHH Mortgage Corp. cut 2250 jobs in New Jersey PHH Mortgage Corp. cut 135 jobs in Amherst, NY PHH Mortgage Corp. laid off 130 employees at its Mount Laurel, NJ mortgage servicing center PHH Mortgage Corp. merger terminated PHH Mortgage Corp. exited wholesale/correspondent mortgage lending channel PHH Mortgage Corp. cut 33 jobs in Mount Laurel, NJ PHH Mortgage Corp. cut 80 jobs in Amherst, NY, eventually close office in 2017 PHH Mortgage Corp. laid off 365 mortgage workers in Jacksonville PHH Mortgage Corp. laid off 140 in Providence, 300 more from NJ and FL offices Piedmont Community Bank shut by FDIC Pierce Commercial Bank shut by FDIC Pillar Processing cut 601 employees at Long Island offices Pimco bought stake in First Guaranty Mortgage Pinehurst Bank shut by FDIC Pinnacle Bank of Oregon shut down by FDIC Pinnacle Direct Funding Corp merged with Tri-Star Lending Pinnacle Financial Corp. acquired by Impac Mortgage Holdings, closed Pisgah Community Bank closed by FDIC Plantation Federal Bank shut by FDIC Platinum Community Bank (IL) shut down by FDIC PMI Group Inc. (mortgage insurer) filed for Chapter 11 bankruptcy PNC Bank acquired BBVA PNC Bank acquired National City PNC Bank to close Capstone Realty Advisors (commercial mortgage unit) PNC Bank shed dozens of mortgage workers amid refinance slowdown PNC Bank discontinued wholesale home equity lending PNC Bank to cut 5,800 jobs PNC Bank to cut 30 workers at loan servicing center in Dayton Polk County Bank shut by FDIC Popular Financial Holdings exited the wholesale sub-prime mortgage market Popular Inc. cut 167 loan servicing jobs in New Jersey Popular Mortgage Corp. shut down Popular Warehouse Lending no longer accepting applications Portellus, Inc. (software) winding down mortgage division, selling mortgage assets Precision Financial Inc. closed Preferred Home Mortgage Co. cut 75 jobs Premier American Bank shut by FDIC Premier Bank shut by FDIC Premier Bank (Denver) shut by FDIC Premier Community Bank of the Emerald Coast shut by FDIC Premier Mortgage Funding, Inc filed for bankruptcy Premium Funding Corp. closed Pretium acquired Deephaven Mortgage LLC Primary Residential Mortgage Inc. acquire The Executive Mortgage Group Principal Mortgage Fund, Inc. to buy Fair Home Lending Financial, Inc. Bank of America has to trim down its headcount in the coming weeks as an economic downturn takes shape on the horizon. Hello I am trying to find out who acquired Peninsula Mortgage Bankers Corporation In Coral Gables Florida. Some of these are extremely old, would really be good if you could start including the date you posted it for reference purposes. The Money Source (TMS) not only sold out to Amerisave, but laid off 50+ without warning. Those were the first layoffs for Goldman since before the pandemic. Similar to what MOOGER MUNGER said, I am very happy to see the implementation of dates. Shut down the computer could not reach one human being, then told 3 hours later, was not allowed to finish the day out. Finance of America Companies Amazon CEO Andy Jassy said late Wednesday the company would cut "just over 18,000 roles," a higher reduction than initially planned.Jassy's message came the same day Salesforce said it would slash 10% of its workforce while Vimeo cut headcount by 11% in its second wave . Central bank officials will huddle and decide by what degree to raise interest rates, and most investors hope that the Fed will slow down its hiking in order to help avoid job loss. RoundPoint Mortgage, a wholly owned subsidiary of Freedom Mortgage announced to employees on July 28 that they are shutting down their retail operations. I need a Lien Release.! Bank of America CEO Brian Moynihan said Friday that his firm is preparing for a recession, including a situation in which the recession is worse than anticipated and unemployment rises from the 3.5% level it is at now up to 5.5% this year. The party came to an abrupt halt when home values plummeted in nearly every metropolitan area throughout the United States. All told, more than 55,300 employees from more than 154 tech companies have been affected by layoffs in 2023, according to Layoffs.fyi, a layoff tracking site. Meanwhile, the call centers were expected to be under Kristen Sieffert, president of Finance of America Reverse. Neighborhood Loans had a Layoff May 9th, 2022. They laid off people who have been with the company for decades, people on FMLA, and even a mother with a newborn baby. Ride-sharing giant Lyft in November revealed to staff that it would be cutting some 700 jobs in an effort to bolster its business, which is facing a slowing economy, heading into 2023. Need help with who acquired Advent Home Mortgage Corp/, West Chester, PA. Finance of America Mortgage Review | NextAdvisor with TIME It's nothing personal: On Wall Street, layoffs are a way of life LoanDepot estimates theyll lay off 2,000 people by the end of 2022. +0.24%. Company has posted 3 straight quarterly losses, reduced its workforce by 20% in 2022. Ive heard theyre also making pay cuts. "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn were now facing, and I take responsibility for that.". I believe National City owned First Franklin but sold it to Merrill Lynch in 2006, and Merrill was later acquired by Bank of America. RoundPoint is a wholly-owned subsidiary of Freedom Mortgage. The power of data with Mike Simonsen at Gathering of Eagles, Eric Lapin on how consumer-controlled data can change lending, Clear Capital launches UDC to support appraisal modernization. Finance of America Mortgage Is this your company? (The company is expected to report second-quarter earnings on Thursday.). This year's layoff announcements come as U.S. companies grapple with inflation, higher interest rates, and a deteriorating economic environment that has prompted both needed and precautionary cost-cutting especially after many over-hired during the post-pandemic boom in 2021. The central banks rate target is now 4.25% to 4.5%, the highest it has been since before the financial crisis in 2008. SitusAMC just eliminated an unknown amount of positions. Wells Fargos headcount was down in Q4 to 238,698 from 239,209, according to quarterly financials, as the company continued to scale back its home lending businesses following a slowdown in housing demand. . The layoffs. AmeriFirst Home Mortgage laid off ~100 people. At least 100 rumored layoffs at Supreme Lending headquartered in Dallas, TX since start of 2022. I happened to be traveling for work across the country from where I lived when I was laid off: as of today, you are no longer employed with Academy. Totally left stranded. Ruoff Home Mortgage laid off 60+ people at corporate HQ in Fort Wayne, Indiana on May 11, 2022. Overall, FoA delivered a $64 million loss in the first quarter of 2022. Mountain West Financial shut down their wholesale operations on 08/24/22. Wall Street layoffs likely ahead as two-year hiring boom turns - CNBC Overview 128 Reviews 12 Jobs 51 Salaries 8 Interviews 33 Benefits -- Photos Follow + Add a Review Finance of America Mortgage Reviews Updated Feb 9, 2023 Find Reviews Clear All Full-time, Part-time English Filter Found 127 of over 128 reviews Sort Popular Popular COVID-19 Related Highest Rating Not sure why. Bank of America Layoffs: Downsizing related discussion, postings, questions and answers. That includes the. As layoffs ripple across Wall Street, some banks stay in 'hiring mode' Need a copy of a payoff statement. Thank you! Expect more layoffs, if not another complete closure, in the coming weeks/months. February 23 , 2023. SitusAMC just laid off at least all senior QC Underwriters. Its big news. ~60 people. Sources told. Unbeknown to us 14 days later a second loan was filed by TBW for same amount. 33 among the top U.S. retail mortgage lenders in the period. Half of Q4 2022 transactions had wire and title fraud risks. The Truth About Mortgage. A few days before Goldman Sachs laid off more than 3,000 . The Last day to lock a loan Is October 31, 2022. Not sure how many over all because they somehow keep it out of the news. This month alone, tech companies have announced more than 50,000 layoffs, including from Amazon ( AMZN ), Alphabet ( GOOG, GOOGL ), and Microsoft ( MSFT ). They laid off over 100 people. I would like to know when Residential Credit Solutions sent out of business or was acquired by Ditech. This list gives us a perspective to get out of the mortgage industry and pivot to some else. CEO James Gorman said during a call with analysts Tuesday following earnings results that the bank took about 1,800 heads in early December.. shut by FDIC Seneca Mortgage Servicing LLC cut 43 jobs in Buffalo, NY Senior Lending Network no longer taking applications ServiceLink cut up to 53 jobs in Overland Park Seterus, Inc. shut mortgage servicing unit in Durham, NC, cut 310 jobs Shearson Financial Network to file bankruptcy Shelter Mortgage Co. cut 63 jobs in Milwaukee Sherman County Bank shut down by FDIC ShoreBank shut by FDIC Shoreline Bank shut by FDIC Silver Hill Financial cut 45 jobs Sierra Pacific Mortgage closed several branches Silver Falls Bank shut down by FDIC Silver State Bank shut down by FDIC Silver State Mortgage closed Silverton Bank shut by FDIC Sindeo closed its doors, majority of staff laid off Slavie Federal Savings Bank shut down by FDIC SoFi cut around 100 mortgage jobs SoFi cut 65 jobs at mortgage centers in Healdsburg, CA, and Cottonwood Heights, UT Solent Mortgage Services (UK) closing its door Solent Mortgage Services (UK) layoffs Solstice Capital (HSBC retail) halted lending, 130 layoffs Sonoma Valley Bank shut by FDIC SolutionsBank shut by FDIC Solutions Funding closed Southern Community Bank shut by FDIC Southern Star Mortgage cut wholesale lending Southern Star Mortgage halts loan origination Southshore Community Bank shut by FDIC Southstar Funding closed Southwest Bank acquired BMC Mortgage Services Inc. Southwest Community Bank shut by FDIC SouthwestUSA Bank shut by FDIC Sovereign Bancorp to cut 1,000 jobs Spectrum Financial Group files bankruptcy Springleaf Finance closed Irving, TX mortgage servicing center, 114 layoffs St. Stephen State Bank shut by FDIC Starpointe Mortgage closed State Bank & Trust of Fargo purchased Bell Mortgage State Bank of Aurora shut by FDIC State Bankshares Inc. bought The Business Bank of Minnetonka and its Prime Mortgage division Statewide Bank shut by FDIC Stearns Holdings LLC (parent of Stearns Lending) filed for bankruptcy Stearns Lending exited delegated correspondent lending, selling unit to Flagstar Stearns Lending acquired equity interest in Citywide Home Loans Stearns Lending cut 159 jobs in Orange County, CA Stearns Lending entered shared equity partnership deal with Certainty Home Loans Stearns Lending acquired wholesale, non-delegated correspondent, and consumer-direct businesses of Primary Capital Mortgage, LLC Sterling Bank shut by FDIC Sterne Agee Group Inc. acquired FBC Mortgage Steven J. Baum P.C.
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