InterFirst Mortgage, which was among the nation’s biggest lenders only five years ago, has gone out of business.
According to a Chicago Crain’s Business report, the company—which originated $14.1 billion in mortgages at its 2012 peak, when it was the 15th-largest U.S. home lender—was shut down by founder and CEO Dmitry Godin following years of declining business. In 2013, the Lincolnshire, Ill.-based company, which began operations in 2002, originated $10 billion in home loans; it originated $5 billion in 2014, $3 billion in 2015 and $2 billion last year.
"It wasn't an overnight decision," Godin said. "We kept scaling down, and we kept looking at the market.”
Godin added that his lenders and vendors were paid off and the company is not leaving anyone in the lurch.
"Everything has a beginning, everything has an end," he said.
Should lead to minimal excess housing supply and have no measurable reduction in housing prices.
More than 4 million existing-homes for sale annually over the next decade will come from the aging and mortality of older homeowners, yet sustained homebuyer demand from population growth and younger generation households should lead to minimal excess housing supply and have...
Marks the 16th consecutive month of double-digit price increases.
CoreLogic’s May Home Price Insights report revealed that home prices nationwide, including distressed sales, increased 20% in May 2022 from a year earlier. No states posted an annual decline in home prices.
On a month-over-month basis, home prices increased 1.8% in May fro...