Layoffs

The most recent cuts bring the company's total headcount reduction to over 1,000 employees this year.

The firms trimming payroll include lenders, a mortgage insurance giant, an iBuyer and an online notarization software provider.

Opendoor Technologies Inc. is laying off about 550 employees after higher mortgage rates cratered U.S. housing demand.

The Connecticut mortgage vendor announced that after an exhaustive process of evaluating all options, it has decided to "cease doing business."

Lender Finance of America, which reported steep losses in the first half of the year, is also reportedly mulling a massive staff reduction.

The move follows two consecutive quarterly losses for the REIT and comes just days after its sister non-QM lending business laid off 20% of its staff.

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

One of the largest U.S. mortgage firms catering to riskier borrowers slashed 70% of its workforce, signaling a deep slowdown in that business.

JPMorgan Chase & Co.'s Mike Weinbach, chief executive officer of the home-lending business, is departing the firm after 16 years.

1st Alliance Lending is officially closing, but its CEO still plans to fight Connecticut's allegations that it used unlicensed personnel to take mortgage loan applications.

Santander Bank's U.S. unit will be eliminating 80 mortgage-related positions as it withdraws from the third-party origination sales channel and refocuses on producing home loans through its branch network.

After hiring half the laid-off staff from Live Well Financial, Open Mortgage plans to engineer a careful transition to operating as a larger-scale business.

Live Well Financial's creditors are seeking a court-supervised bankruptcy, but the mortgage lender is opposing the move, saying it can get more for certain assets if it sells them before filing.

Roughly 50 of the more than 100 staff members Live Well Financial let go after it stopped funding loans will join Open Mortgage, a multichannel lender in expansion mode.

Mortgage technology company Ellie Mae, which was recently bought by private equity investor Thoma Bravo, underwent restructuring and reduced its staff by 10%.

Live Well Financial, a reverse and traditional mortgage lender that abruptly stopped originating on May 3, will lay off 103 employees, according to a Virginia Employment Commission filing.

Ditech, a home loan company, will lay off what remains of its 210 employees in downtown St. Paul, Minn., and consolidate its mortgage servicing operations in other locations.

The company will shutter the offices it inherited when it bought EverBank in 2017 and focus on lending to existing customers through digital channels. U.S. Bank will assume the leases on about 25 properties.

HomeStreet Bank will attempt to sell its stand-alone mortgage business and portfolio of servicing rights, a move that comes amid growing pressure from an activist investor to exit home lending and concerns about declining demand and regulatory challenges.

Employment at nondepository mortgage companies dropped considerably in November, as the combined effects of lower volumes and seasonal slowing reduced hiring needs.