Better.com announces third round of layoffs in five months
National Mortgage News
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Citing its anticipation of a further decline in mortgage originations, Better.com announced today its third round of layoffs in just five months. The mortgage firm has shed over a third of its formerly 9,000-employee workforce in periodic cuts since CEO Vishal Garg infamously fired 900 employees in a December Zoom call, NMN reporter Andrew Martinez writes. The company confirmed that it is still planning to go public via merger with a special purpose acquisition company.
In other news today:
Economists are feeling less and less optimistic about mortgage originations for 2022 and while Fannie Mae’s Doug Duncan did speak about a downturn next year, he predicted it would be milder than the Great Recession of 2008.
The gradual rollback of measures intended to protect borrowers financially impacted by the pandemic appears to be moving along steadily, with the number of loans in forbearance dropping to 525,000, a 1.05% share of serviced loans, according to the Mortgage Bankers Association.
The bank has entered into an agreement with a mortgage applicant who was allegedly told their loan would not be approved until one family member returned to work following maternity leave.
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2 年So sad for those that are impacted. This economy is scary.