This should come as a surprise to no one. This company created in 2008 is incredibly immature when understanding the long term mortgage market. They budgeted a.k.a. "overspent their way into their current position. They based their belief on margins remaining the same as they have been used to seeing and had no foresight of the current price wars and margin constrictions that have descended on the industry. Furthermore, they explained the extravagant spending and overpayment for referral relationships by telling the rest of the market that they were creating a "movement of change" in a stale market when in reality they were simply attempting to distract their employees from what was taking place behind the scenes. All of this while taking their pious position of being the ONE company out there with a good culture that re-invested in both their employees and the community around them. They also made it quite clear their immaturity as far as the actual loan process as they continually back themselves in the corner with "buzz" word processes that they continually failed to deliver on "7 day funding" to the "7 day process" to the "6,7,1". You don't make a lot of friends in the industry by continually telling everyone else just how wrong they have been, and that you are the one company that has it all figured out. There will be little industry sympathy for the "Movement" as the onion continues to peel back and we discover just how severe the financial woes are. Region closures and layoffs are just the beginning of what is coming for the company whose CEO googled "How to start a mortgage company" 10 years ago.
Reposted from @Ts7EE6q-1sqj for being on point.