Merit Financial, Kirkland, Wash., has reportedly laid off 300 workers and is considering filing for bankruptcy protection, according to a report in the Seattle Times. On Friday a receptionist at the company told MortgageWire that no one was available to talk about the situation and she herself declined to answer questions. She said company CEO and founder Scott Greenlaw a former college football star was not in. A voice mail message left for Mr. Greenlaw had not been returned at press time. Founded just five years ago, the company was funding about $2 billion a year in mortgages. This past fall it published a press release, saying it had been honored by the Puget Sound Business Journal as one of the fastest growing companies in the area. Over the past six months several mortgage firms have announced sizeable layoffs while others have either gone out of business or are for sale.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25