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**”Mortgage Lenders” only originate and finance mortgages and do not engage in “commercial banking” activities such as holding deposits, issuing checking accounts, or originating commercial loans.

When these companies went public, I expressed my surprise and wondered why anyone would buy shares based on earnings that dry up as soon as the price rises.

Sure enough, interest rates rose and earnings dried up immediately – stocks plummeted!

Rocket peaked at $23 a share and is now near $10; American Financials topped around $11 and is now below $2; and Guild Mortgage was at $18 before falling to $10.50.

But — the quintessential mortgage company stock crash is LoanDepot — which topped out at $31.50 and is now below $2.

NOTE: I know many very savvy loan officers, wholesalers, managers and/or executives at all the companies listed above (including LoanDepot in particular), so this blog does not disparage any of them.