Saxon Mortgage Servicing Lays Off 100 in Texas

By
Real Estate Agent with Benchmark Realty TN 288457

 

As Morgan Stanley and other Wall Street Brokerage Houses regroup and reposition their mortgage portfolios the servicing end of their mortgage business continues to have a rough outlook. After announcing nationwide layoffs could be expected due to the economic determination in their mortgage business power house brokerage Morgan Stanly sent notice to the Texas Department of Labor saying it will lay off 100 employees in their Ft Worth Texas Service Center.

Saxon Mortgage Layoffs Hit Fort Worth

Kerri Panchuk | 02.29.08More than a week after Morgan Stanley announced layoffs within its residential mortgage platform, its lending subsidiary Saxon Mortgage Services was mentioned in a warn letter mailed to the Texas Workforce Commission to inform them of 100 job cuts at a Saxon facility in Fort Worth, Texas.

Earlier this month, Morgan Stanley announced layoffs within its residential mortgage lending operations due to current deterioration in the mortgage marketplace.

 

Paul Moye

Keller Williams Realty

Your Middle Tennessee Real Estate Expert

www.middletnrealty.com

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Anonymous
Krissy

Has Saxon Mortgage gone under?  I need to know, because I am a customer.

Mar 04, 2008 08:00 AM #1
Rainer
39,925
Clark Garrison
Taylor 1 INC - Atlanta, GA
"Loan Modifications"
Saxon is now officially on the ropes. Another giant falling down. Maybe they should learn how to accept a few more short sales that allows the investors to become more liquid faster. 
Mar 04, 2008 10:11 AM #2
Rainmaker
185,899
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Thanks for the info on this company.  My home ended up going to foreclosure. It helps others that are dealing with them.
Mar 14, 2008 12:38 PM #3
Rainmaker
185,581
John Kim
Property Services & Short Sale TC - Irvine, CA
Thanks for the heads up... so they are going to have a delay in many of their depts...
Mar 15, 2008 08:11 AM #4
Rainmaker
89,425
Rick Kellow
Cherry Creek Mortgage - West Bend, WI
FHA & Reverse Mortgage Expert

We have not seen the end of all these closings... I'm wondering when Countrywide might fall...

 

Mar 15, 2008 08:22 AM #5
Anonymous
Saundra Rogers
Who can I contact to get help with my loan with Saxon.  The representatives are very, very, rude.  I have tried to get help with refinancing/loan motification of my loan due to a mortgage raise in interest rate to 10% resulting in a $350.00 increase in mortgage payment. It has been a real nightmare.  Please help!!!!!!!!!!!
Mar 17, 2008 04:42 AM #6
Rainmaker
1,074,064
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
Hi Paul, all we can say is desperate times call for desperate measures...and they are taking them right now to stay afloat.  Nice update.
Mar 22, 2008 08:33 AM #7
Anonymous
Anonymous

Saxon is NOT going under, they are cutting back. Since they are owned by Morgan Stanley they will be fine! Sucks for all the people that JUST lost there job in Fort Worth about 2 hours ago!

Jun 19, 2008 08:38 AM #8
Anonymous
Anonymous

To Saundra,

Just send your request via certified mail attn: "Presidential Escalations".  You should get some attention then.

Signed.. Ex Saxon employee

Jun 19, 2008 08:51 AM #9
Anonymous
Former Employee

No, word is they are outsourcing that dept., they aren't really in trouble...and they accept short sales but they won't give the prop away....they go according to values...

Jun 19, 2008 08:55 AM #10
Anonymous
By Ex employer

Saxon is laying off alot of us but they are all going down I hope Morgan Stanley does close them out!!!!

Jun 23, 2008 10:09 AM #11
Anonymous
ARM victim

Has anyone had any luck in re negotiating terms of their bad ARM loans that were given out by Novastar mortgage? I just submitted my financial package to them and am waiting to hear word... Any info would be helpful...

Jun 30, 2008 04:26 PM #12
Anonymous
J S

Hi, please contact me at panicroompro@gmail.com

You may have more recourse than you know! 

 I too had Novastar and they would not call back or answer questions then they sold the loan to Saxon.

Jul 18, 2008 12:31 PM #13
Anonymous
Anonymous

Looking for former Saxon employees for information about debt collection and foreclosure practices.  Contact rppjd@yahoo.com

Aug 14, 2008 01:02 PM #14
Anonymous
Anonymous

My mother has been trying to get approval on a financial package for a hardship with Saxon for 6 months now. She had a heartattack and open heart surgery and is now 65 and cant work. I have moved in with her to keep her from going further behind but they keep sending letters demanding the 4 payments she didnt make while she was in the hospital and unable to get her SS check started. Anyone know the right people to contact there? email me at thomaseevans@comcast.net Thanks for ANY help you can provide. Sounds like this company is a real nightmare to deal with.

Aug 18, 2008 03:16 AM #15
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Paul Moye

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