In what is a sign of slowing demand, Plano-based First Guaranty Mortgage Corporation has laid off the majority of its staff. Other companies are more likely to see more workforce cuts.
We’re all trying to save a few pennies. We have the increase in postal rates coming soon and perhaps pick up a roll, or ten, of Forever Stamps. It’s not like they have an expiration date, unlike, apparently, lenders. Remember names like AmeriLoan, Countrywide, PNC, WaMu, Home Savings of America, Fleet, Great Western, World Savings, Associates, Nat City? “We are writing to share an update on ’s efforts to address significant, unexpected, and unprecedented economic pressures facing the entire mortgage market. As you know, the mortgage market faces mounting macroeconomic challenges, including increasing concerns about the availability and cost of credit, the end of the refinance boom, the systemic impact of inflation and geopolitical issues, and reduced demand for purchase money mortgages. As part of our efforts to address these challenges, will no longer purchase correspondent loans… We value our relationship with you and appreciate your pati
Lending partners of FGMC are frustrated. They say the company agreed to buy millions of dollars in mortgages, but has gone silent since laying off about 80% of its staff on Friday.