First Republic Collapse Was Caused By Interest-Only Jumbo Loans

Generous Interest-Only Jumbo Loans To Super Wealthy Customers Is What Drove First Republic Over The Cliff It appears the First Republic collapse was caused by the bank giving out attractive multi-million dollar interest-only jumbo loans to wealthy clients. The failed bank sold loans with rock bottom interest rates to rich clients. Several of these clients …

Trigger Leads Ban Supported By NAMB

NAMB And Other Trade Groups Support Amending The FCRA To Ban Credit Bureaus From Selling Trigger Leads Trigger leads are driving both consumers and loan officers insane. The National Association of Mortgage Brokers (NAMB) has announced it support legislation that would ban trigger leads. The NAMB is a trade group that represents the interests of individual …

Private Bankruptcy Filings Are Skyrocketing

UBS Says Private Bankruptcy Filings This Year Have Surpassed The Peak Set In The Early Stages Of The Pandemic Warning signs of a potential credit crunch were flashing even before Silicon Valley Bank's stunning collapse. United Bank of Switzerland is saying private bankruptcy filings for small businesses in 2023 have already surpassed pandemic levels.  Financial …

Luxury Real Estate Insiders Say 2nd Home Demand Down 50%

Luxury Real Estate Insiders Say 2nd Home Demand Down 50% As Wealthy Investors Pull Back from Investing In Real Estate Luxury real estate insiders say mortgages secured for vacation properties are at their lowest since 2016. Insiders say the second home market is definitely in a recession. Redfin is reporting lock-ins for second-home mortgages are …

Silicon Valley Bank Depositors Will Be Protected By The FDIC

FDIC Will Protect Silicon Valley Bank Depositors But Federal Reserve Rules Out Bailing Out Bank FDIC has stepped up to protect deposit holders of Silicon Valley Bank Authorities said on Sunday that it would protect depositors. Depositors will have access to all of their money on Monday. However, the Federal Reserve has ruled out giving …

United Wholesale Mortgage Has Cut 30 Percent Of Its Staff

United Wholesale Mortgage has reduced its staff by 2,600 since 2021. This 30% Of It's Staff Since January 2021, United Wholesale Mortgage has let go of 2,600 employees. The company has gone from 8,600 employees to 6,000. This contradicts CEO Mat Ishbia that UWM hasn't laid anyone off. Ishbia even stated it again in a …

New York Loan Modifications: What You Need To Know!

The Tricks To Getting Successful New York Loan Modifications Done That Most Foreclosure Defense Lawyers Don't Know! First off, let's get one thing straight. Mortgage loan modifications are probably your best option if you are in foreclosure.  Why? It's extremely unlikely that you're not going to score a debt-free house in your foreclosure. Even if …

Logan Finance Pulls Plug On Consumer Loans In Georgia

Developing Story! Logan Finance Shocks Georgia Brokers. Lender Pulls Plug On Consumer Loans In Georgia.  Logan Finance has shocked Georgia mortgage brokers with shock announcement. The Arkansas-based wholesale lender has pulled out of the Georgia. The company made the shock announcement yesterday. Lender Meltdown has spoken to mortgage brokers across the country. They all love …

Age Discrimination In Lending Appears To Be Skyrocketing

Study Shows Age Discrimination In Lending Appears To Skyrocket. Why Are Lenders Giving Older Borrowers The Shaft? It appears mortgage lenders are giving older Americans the shaft. A new study by the Center for Retirement Research at Boston College shows age discrimination by mortgage lenders is skyrocketing. The study is called, “Are Older Mortgage Applicants …

Mortgage Rates Are Inching Toward 7 Percent

Mortgage Rates Are Inching Closer To 7%. Rates Are Up 13 BPS In Less Than 24 Hours. Is There Really A Recession Coming? Mortgage rates are inching closer to 7% and here is why. Economic data indicates that the economy has remained resilient. This is despite the Federal Reserve tightening monetary policy and raising rates.  …

Jay Farner Out As Rocket Companies CEO

Jay Farner Out As Rocket Companies CEO As Rumors Grow Louder Of Dan Gilbert Wanting To Sell The Company Rocket Companies CEO Jay Farner is leaving Rocket on June 1st. However, the company says his departure is not because of any dispute with the board of directors.  Rocket filed a statement with the SEC last …