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Rocket, Home Point, UWM report revenue drops and other news of the week

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More mortgage professionals, from fintech startups to public lenders, announced layoffs. New American Funding confirmed that it is laying off another 300 employees, bringing its layoff to 625 since the start of the year. Mortgage Fintech Ribbon laid off 136 employees at the end of July. It noted that the current market conditions force the company to develop. Lender Open Mortgage also announced that it has cut a small number of workers in its reverse mortgage operations, even though that channel is performing well. However, the company still expects to stick to its growth plan, which included opening 17 new branches back in January.

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