Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.


Movement Mortgage after company layoffs: We are not reducing our staff

Lays off 75 employees, but total employment increased by 201 jobs

On Monday, reports began to circulate across news outlets that last week, Movement Mortgage quietly laid off 75 of its employees from various offices across the U.S.

The layoffs were split between operations campuses in Fort Mill, South Carolina; Norfolk, Virginia; Tempe, Arizona and Richmond, Virginia, and were due to an operations improvement that resulted in the elimination of several positions, the company told HousingWire.

However, Movement Mortgage explained that it is not reducing its staff, and its overall employment increased by 201 net jobs over the past 12 months. This year, the company forecasts it will add more than 900 jobs overall, saying it is still actively growing and hiring.

The company explained the layoff of 75 employees, or less than 2% of its 4,200-member staff nationwide, was a result of an improvement to our process. Formerly, applicants who had not selected the home they wish to buy followed the same process as those who did have a property attached to their application. The process involved a six-hour goal for upfront underwriting, a seven-day goal to process the loan, final underwriting and closing.

Effective Monday, these applicants still in the shopping phase continue to receive the upfront underwriting, but Movement Mortgage will wait to process the loan until they select their property. This eliminates additional, and often unnecessary, steps by the customer and operations staff.

“Movement is constructing an additional $18 million, 90,000 sq.ft. building at its HQ in S.C., which will open in early 2019,” the company explained, confirming its current road to expansion. “The company has already met its 2015 goal to bring 672 jobs to South Carolina and expects to add 700 additional jobs at the site by 2022.”

During 2016, data from the Home Mortgage Disclosure Act shows the company ranked 18th in its total number of refinance and purchase mortgages with 54,300, and ranked No. 22 in mortgage loan volume with $11.88 billion in purchase and refi mortgages.

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