FGMC has decided to dismiss the employment of 428 of its 565 employees on June 24, 2022. 76% of the total staff
Mispricing of FGMC is a major problem because some days ago It agreed loans to purchase at a rate of 5.3%, but at present rates are around 6%
Upequity sent between 30 and 40 loans per month to FGMC, value about $60 million in total volume.
Surging mortgage-interest rates moves home sales down to 3.4%.
The median existing-home price in US rose 14.8% in May from previous year to $407,600, a record high, at this time sales becomes slower due to higher mortgage costs.
The average rate on a 30-year fixed-rate mortgage was 6% , the highest level since 2008 .
Current home sales decline the most month-over-month in the West and Midwest, down 5.3% in both areas.
First Guaranty Mortgage Corp said attempts to obtain a funding also failed.
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The company also blames historical adverse market conditions for the mortgage lending industry, including unanticipated market volatility.
Housing market down from 35% at record low and it impacts the real estate companies the most and they would lay off hundreds of employees due to decreased home-buying demand.