Subprime lender Mandalay Mortgage, Woodland Hills, Calif., trimmed its workforce by at least 70 positions on Monday, industry sources have told MortgageWire.At deadline time, officials at the company could not be reached for comment. Mandalay ranks 43rd among subprime lenders, according to the Quarterly Data Report, an MW affiliate. The privately held lender also operates a large sales office in Irvine, Calif. One competitor said the company employed at least 300 workers at year-end, and had been for sale last year. In the fourth quarter it funded $474 million in mortgages, a 5% increase from the volume in the same quarter of 2004. The company can be found on the Web at http://www.mandalaymortgage.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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