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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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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