Andrew Martinez joined National Mortgage News in January 2022. He previously worked at Bisnow, covering commercial real estate news in the Boston region, and prior to that, covered the federal court for the Boston Herald. He began his career in 2015 as the sports editor of the Rio Grande Sun newspaper in Northern New Mexico. He studied journalism and political science at California State University, Northridge, where he was the editor-in-chief of the student newspaper.
Twitter: @andrewomartinez
The company said it will prepay two securitization facilities and terminate financial arrangements including at least two involving U.S. Bank.
Wind and storm surge damage to residential and commercial properties could reach $47 billion, according to a CoreLogic analysis.
Their activity was below the record share hit at the start of 2022, and down from the high water mark of 93,700 properties bought in the third quarter last year.
Most of the companies announcing cuts declined to disclose how many workers they terminated, although publicly traded giants revealed their moves would save them tens of millions of dollars this year.
Industry leaders suggested they’ve "never felt so worried at a time when everything feels so good otherwise," said Chris Herbert, managing director of the Joint Center for Housing Studies of Harvard University.
Wyndham Capital, Open Mortgage and reverse mortgage lender American Advisors Group eliminated jobs this week.
Delays in closing the deal after it was announced in August resulted in the parties' decision to remain separate, although they will still work together.
But for prospective buyers, soaring home prices in April pushed affordability closer to the all-time low set in June 2006.
Some firms are undergoing their second or third rounds of terminations since the beginning of the year.
Pingora Loan Servicing still hasn’t disclosed the full scope of last fall’s hack impacting at least 169,000 customers across four states.
