Executives at Plaza Home Mortgage expect things to get worse before they get better.
During the first three quarters of 2022, the San Diego, California-headquartered mortgage lender’s originations declined by about 38% compared to the same period of 2021, ending at $5.5 billion, according to Inside Mortgage Finance.
Like many competitors, Plaza is losing money operationally. In turn, it has reduced its workforce and sold mortgage servicing rights (MSRs) to add some extra revenue, top executives said.
“Obviously we had a very negative impact on the business compared to the previous year, which would be expected given the rapid rise in interest rates details ⇒
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