to acquire The Executive Mortgage Group Bank of America to cut 174 distressed mortgage jobs at Simi Valley, CA locations American Capital Mortgage Investment Corp. Impac Mortgage Holdings to sell Ameri Home Mortgage Corp.
subsidiary Ocwen Financial to cut 800 jobs nationwide Wipro to purchase Opus Capital Markets Consultants Bank of America to close home lending office in Marlton, NJ, 136 layoffs Fifth Third Bank sees wholesale mortgage layoffs in Charlotte, NC as refinance demand wanes Nationstar Mortgage to sell wholesale division to Stonegate Mortgage, 1,000 layoffs Ally (GMAC) says it’s officially done with the mortgage business De Witt Mortgage Services & Property Management to halt lending in Georgia Bank of Jackson County closed by FDIC Ellie Mae to acquire Mortgage CEO Sun Trust Mortgage to exit wholesale channel, 67 layoffs in Tampa, FL American Capital Mortgage Investment to acquire Residential Credit Solutions, Inc.
You will know what to look for and, more important, what to steer clear of. Do not consider refinancing unless your FICO is at least over 620. However, if you have a FICO more than 720, you should look only at local banks and credit unions. Consider consolidating more debts or loans into the refinance.
If you are refinancing the loan anyway, you should try to clean up all of your finances.
to cut 476 employees, stops taking new applications Associated Bank (WI) to close eight branches, cut mortgage jobs at La Crosse location Churchill Mortgage lays off roughly 20 workers in Tennessee PHH Mortgage to lay off 365 mortgage workers in Jacksonville Chase to cut 145 mortgage jobs at offices in Chicago and nearby Downers Grove Wintrust Financial buys certain assets and liabilities from Surety Financial Services Assurant Inc.
Well, a recent statistic revealed that 2.33% of all US mortgages are currently delinquent, a number which is sure to rise.
And repurchases have tripled between the first and second quarter of 2006.
Allstate Home Loans – shut down after buyout Ally mortgage unit Res Cap – filed for Chapter 11 bankruptcy Ally Financial – sold European mortgage assets/operations to Fortress Investment Group Alpha Bank & Trust – shut down by FDIC ALT Funding – believed to have ceased operations Alterna Mortgage – New Jersey wholesale lender closed Alternative Financing Corp.
– wholesale division closed Altivus Financial – closed wholesale operations, now believed to be shut down AMC Lending –ceases wholesale lending AMC Mortgage – acquired by Transnational Financial Network Inc.