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Ex-workers sue Sprout Mortgage over unpaid salaries

Ex-employees of Sprout Mortgage say the shuttered lender's CEO violated the law by not providing advance warning of the shutdown. They also haven't been paid for weeks. ....

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Sprout Mortgage Shuts Down

Sprout Mortgage, which often billed itself as one of the nation's fastest-growing lenders and largest non-QM originators, shut its doors today, according to former employees. The former employees, who asked not to be identified, said Sprout President Shea Pallante held a companywide phone call this afternoon to break the news to all staff. One former employee said the call originally was scheduled for 4 p.m. EDT, but was pushed back by a half hour, so was held at 4:30 p.m. ....

Shea Pallante , Jamie Dimon , Oaktree Funding Corp , Sprout Mortgage , Sprout President Shea Pallante , Oaktree Funding , East Meadow ,

Sprout Mortgage: 'The Faucet Just Got Turned Off'

Sprout Mortgage was averaging $380 million a month in loan volume before it abruptly shut down on Wednesday. That's the word from a former executive who thought "everything was going great" and was blindsided when the company closed. According to the employee, who spoke on condition of anonymity, a companywide conference call on Wednesday was held virtually via Microsoft Teams at 4:30 p.m. The timing of the call was confirmed by other former employees who also spoke anonymously with NMP. ....

Shea Pallante , Oaktree Capital Funding Corp , National Mortgage , Sprout Mortgage , Microsoft Teams , Sprout President Shea Pallante , National Mortgage Professional ,

Credit Union, UW, TPO Products; Report on Lending Trends; FHA and VA News; Sprout's Demise

Many youngsters don’t know the “Shave and a haircut? Two bits!” knock, or musical notes. Some things are timeless, like British Prime Ministers coming and going, and like what happens to certain lenders and investors when rates go up and credit spreads widen out. And we were reminded, in the cases of FHA, VA, Fannie, and Freddie, why some level of government interaction is good as “Sprout is out” was making the rounds yesterday. Sprout, which made a name for itself in non-Agency TPO activity in correspondent, wholesale, and retail channels, shut down. Unfortunately, it is not the first, won’t be the last. In this case, Sprout President Shea Pallante held a companywide phone call. (Word has it that Sprout’s entire correspondent team was let go and moved over to Oaktree Funding Corp. Those impacted can always post their resume for free here, and anyone can view them for several months for a nominal fee.) One industry vet wrote to me saying ....

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Sprout Mortgage to shutter

Non-QM lender Sprout Mortgage is shutting down operations, multiple workers said on Wednesday. The company informed workers of the shut down in a conference call on Wednesday, a former staffer said. ....

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