Sprout Mortgage Shuts Down – 300 Employees Let go

Sprout Mortgage was averaging $380 million a month in loan volume before it abruptly shut down on Wednesday.

That’s the word from a former executive who thought “everything was going great” and was blindsided when the company closed.

According to the employee, who spoke on condition of anonymity, a companywide conference call on Wednesday was held virtually via Microsoft Teams at 4:30 p.m. The timing of the call was confirmed by other former employees who also spoke anonymously with NMP.

The former employees said Sprout President Shea Pallante conducted the meeting to break the news to all staff, which totaled more than 300 people. He informed the staff that the company would close its doors immediately – including both its retail and wholesale divisions, the employees said.

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