Open Mortgage on Friday shut down its distributed retail channel and laid off more than two dozen employees. The divisional closure comes 1.5 years after the Texas-based lender changed ownership and nine months after it exited the reverse mortgage business. The company will focus on the third-party origination (TPO) space going forward.  

Employees told HousingWire, anonymously out of fear of retaliation, that leadership announced the closure of its branches during an “all-hands” call on Friday. They received the invitation for the meeting 30 minutes in advance. CEO and president Christopher D’Auria confirmed the decision, saying it was details ⇒

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