General World News

Sprout Mortgage to shutter

Non-QM lender Sprout Mortgage is shutting down operations, multiple workers said on Wednesday.

The company informed workers of the shut down in a conference call on Wednesday, a former staffer said. Sprout had already instituted several rounds of job cuts in the months leading up to the shutdown, the ex-employee said.

The closure of Long Island-based Sprout, headed by industry veteran Michael Strauss, represents the second non-QM mortgage lender to close in recent weeks amid historic volatility. First Guaranty Mortgage Company, controlled by asset management giant PIMCO, abruptly stopped operations less than two details ⇒

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