Tag: mortgage industry news

The company is alleging Sprout defaulted on $32 million in loan purchases

Layoffs are expected to hit loan officers, underwriters, processors, post-closing and secondary market staff this Fall

The class-action lawsuit seeks to recover alleged unpaid minimum wages and withheld salaries

The California-based lender is implementing cost-cutting efforts to to save between $375 million-$400 million annually

The news comes just a week after First Guaranty Mortgage Company effectively closed and filed for bankruptcy protection

The move comes days after laying off 80 percent of its staff

The total number affected will be more than 1,000 workers, with about half moved to different divisions

The former SVP says the mortgage lender pushed her out after she raised concerns over financial handlings

The mortgage lender infamously cut 900 staff in December via Zoom and 3,000 more staff last month

Some 43,500 positions have been added in a single year