Freedom Mortgage cuts jobs in Fort Mill, SC office

HW+ empty office
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The layoffs are believed to have occurred in round pointHeadquarters – A subsidiary of Freedom. Freedom Mortgage, the largest lender to the FHA and VA in America, did not respond to HousingWire’s request for comment.

Freedom acquired Roundpoint, the originator, server and server, in 2020, but the initial courtship wasn’t amicable.

Roundpoint sued Freedom Mortgage after it attempted to back out of the deal in response to the credit facility issued in 2018. In response, Freedom retaliated, causing the two companies to voluntarily settle the matter.

Earlier this year, Roundpoint announced the addition of a new leadership team. It appointed Patrick McInerney as CEO, Joseph Gormley as Managing Director, and Scott Bristol as Executive Vice President of Retail Lending. In statements to the press, the company talked about its growth path.

McInerney told the Charlotte Business Journal that Roundpoint was building retail mortgage operations with a particular focus on first-time home buyers. This has led to an increase in builds and refinancing, he said, but some existing clients have refinanced with other mortgage companies. The company said in April that it plans to add 90 retail offices nationwide, with the South Carolina office providing business support.

News of the Fort Mill layoffs comes amid rapidly thinning profit margins and a significant drop in refinancing. Industry insiders have predicted for months that the wave of layoffs will follow once the wave of refinancing is over.

Meanwhile, a Mortgage Bankers AssociationThe rehabilitation company’s financing forecasts found that the market share of rehabilitation activity has fallen from 64% in 2020 to 59% in 2021. Moreover, the trade association expects remittances to continue to decline in 2022, when it will drop to 33%.

this dimension, And Interfirst Mortgage It got a lot of media attention after laying off hundreds of employees in their stores.

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