Skip to main content

Capital One Exits the Mortgage Business

Phil Hall
Nov 08, 2017
Capital One Financial Corp. has announced more than 900 layoffs in its departure from the home loan and home equity industries

Capital One Financial Corp. has announced more than 900 layoffs in its departure from the home loan and home equity industries.
 
According a Dallas Morning News report, the company’s closure of its mortgage business will result in the termination of 750 jobs in its Plano, Texas, operations and the loss of 155 employees in its centers in St. Cloud, Minn., and Melville, N.Y. The McLean, Va.-based company will continue the servicing of pending and existing residential mortgages, but will cease originating new loans.
 
Sanjiv Yajnik, President of Financial Services for Capital One, sent an e-mail to employees yesterday lamenting that the mortgage and home equity "businesses are in a structurally disadvantaged position, given the challenging rate environment and marketplace." The company will instead devote more attention to its auto lending business, which Yajnik forecast as having "an incredible future," along with its credit card and retail banking businesses.

 
Published
Nov 08, 2017
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022