More lenders imploding - updated 8/31/2022

  • 08/31/2022 10:31 AM
    Message # 12902455

    "Troubled Impac receives stock delisting notice
    Impac Mortgage Holdings received a notice from the NYSE American exchange — a marketplace for publicly traded small cap companies — that it violated its listing rules because of its continued fiscal losses.
    Specifically, Impac was cited as being out of compliance since it failed to maintain required levels of shareholder equity and has lost money five years in a row."

    "Rocket Cos. is offering more voluntary buyouts to employees following a tremendous decline in profit in the second quarter.
    The company in a statement Monday said it's issuing a second round of "voluntary career transition offers" to a small, undisclosed number of employees across multiple business areas within the organization. The announcement comes weeks after Rocket Cos. reported a profit of $60 million between April and June against $1.03 billion in the first quarter"

    "Loan Depot to exit wholesale 10/31/22"

    "New American Funding confirmed some of the industry cycle's largest layoff numbers, recently terminating 300 employees and letting go 625 workers since the beginning of the year."

    “Mountain West Financial has made the difficult decision to take a step back from Wholesale lending. We appreciate and are grateful for the partnerships forged and the opportunity to have served you and your borrowers throughout the years. Through this transition, we are committed to remaining transparent and honoring all loans in your BOLT pipeline that have been submitted. You and your clients can expect the same high level of service that you have received from Mountain West since day one, and as such, all submitted loans must be locked by Friday, August 26th, and all loans must close by September 30th.”


    Sprout Mortgage, which often billed itself as one of the nation's fastest-growing lenders and largest non-QM originators, shut its doors today, according to former employees.

    The former employees, who asked not to be identified, said Sprout President Shea Pallante held a companywide phone call this afternoon to break the news to all staff. One former employee said the call originally was scheduled for 4 p.m. EDT, but was pushed back by a half hour, so was held at 4:30 p.m.

    Pallante informed the staff, which totaled more than 300 people, that the company would close its doors immediately – including both its retail and wholesale divisions, the employees said. 

    A company official declined to confirm or deny the shutdown.

    The call was held one day before payday, employees said, adding that Pallante offered no severance pay nor other compensation. "

  • 09/01/2022 4:41 PM
    Reply # 12904043 on 12902455

    I received the following email today from my Amerisave account executive:

    Good afternoon, Team!

    It has come to my attention that AWMS will be shutting its doors effective immediately. I want you to know I thoroughly enjoy working with ALL OF YOU. I will also be looking for a new job. Please feel free to send my contact information to anyone you would feel benefit from a hardworking Senior Account Executive.

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