The transactions, combined with news Wells Fargo will be shedding some mortgage servicing rights, add to indications that prices for investors may be more favorable this year.
Nonbank mortgage lenders in September alone slashed some 8,200 jobs. The cutting is hitting bone now, with loan officers’ jobs increasingly on the chopping block.
Up to 30% of the 1,000 largest independent mortgage banks are projected to disappear by the end of 2023 via sales, mergers or failures in the wake of still-rising inflation and interest rates. We explore who's selling, who's buying, and who's dying. Up to 30% of the 1,000 largest independent mortgage banks are projected to disappear by the end of 2023 via sales, mergers or failures in the wake of still-rising inflation and interest rates. We explore who's buying, who's selling and who's dying.