My guess is theyre cutting the fat and prepping their balance sheet for a sale. EFI contributed about 85% of the loans, with the remainder contributed by a fund managed by Ellington Management Group L.L.C. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". All Rights Reserved. Shea Pallante, the president of Sprout, at the time told HousingWire that the company prefers to focus our efforts on maximizing production during any changing rate environment. Required fields are marked *. Queries, please write to [emailprotected]. This year they have had over 500 layoffs throughout the country. U.S. housing affordability is running at all-time lows as house prices have climbed over the last two years without a commensurate increase in average wages. Received a notice from our current servicer, Nationstar Mortgage LLC that they sold/transferred or assigned their servicer rights to Rushmore Loan Management Services LLC as of 6/1/16. The group is closing 29 Lloyds Bank and 15 Halifax sites, which will take the total number to be closed this year to 100. Theyve been staying under the radar by doing them in smaller numbers (aprox 30 at a time). In April, Shea Pallante, the president of Sprout Mortgage, told HousingWire that it prefers to focus our efforts on maximizing production during any changing rate environment. In 2007 Round point bought my previous mortgage holder. Pretty much just a skeleton crew left. Mid City Bank, Inc. shut by FDIC Middletown Valley Bank acquired Millennium Financial Group (MLend) Midwest Bank and Trust Company shut by FDIC Millennium Bank, NA closed by FDIC Millenium Bankshares closed mortgage division Millenium Funding Group closed Millennium Mortgage Corp. halted wholesale lending Millennium State Bank of Texas shut by FDIC Mirae Bank shut by FDIC MLSG halted lending operation Montage Mortgage acquires Ameritrust Montgomery Bank & Trust shut by FDIC Moore Lending Group acquired by Sierra Pacific Mortgage Company, Inc. Morgan Stanley sold Saxon Mortgage to Ocwen Morgan Stanley to lay off 300 employees in securities division Morgan Stanley to sell City Mortgage Bank (Russian mortgage unit) Mortgage Bankers Association layoffs Mortgage Capital Resource Corp. closed MortgageIT layoffs and branch closure Mortgage Investors Group (MIG) closed wholesale division Mortgage Investment Lending Associates (MILA) subprime wholesale closed Mortgage Network Inc. halted wholesale and correspondent lending Monarch Bank buying mortgage-related assets from Resource Bank Morgan Stanley bought Saxon Mortgage Morgan Stanley cut over 1,000 jobs Morgan Stanley to cut 1,500 jobs Morgan Stanley cuts 600 mortgage jobs Mortgage Investment Lending Associates closed Mortgage Investors Corp. cut 380 jobs in St. Petersburg, Florida Mortgage Investors Corp. cut 476 employees, stopped taking new applications Mortgage Investors Corp. filed Chapter 11 bankruptcy MortgageIT halted wholesale lending MortgageIT consolidated with DB Home Lending, rumored to be offering agency loans only Mortgage Network Inc. acquired Partners Group Unlimited Mortgage Next (UK) layoffs Mortgage Lenders Network stopped residential loan production MortgageTree Lending closed, website down Mortgages Ltd. filed for Ch. It also has a low-margin correspondent business. Why this site doesnt acknowledge is odd to me. Consumers say the economy is on the "wrong track." I havent seen anything about it in the news. With the market the way it is, it doesnt look like its going to go anywhere good. The cookie is used to store the user consent for the cookies in the category "Other. The cutbacks in early April initially centered on reducing some of the non-QM lender's correspondent platform but this time around other . Sprout Mortgage surprised more than 300 employees Wednesday, telling them in a virtual meeting that the company was shutting down and they were being laid off. Whats wrong with non-QM lenders and why are they shutting down? This time its including managers in all departments. People may receive compensation for some links to products and services on this website. I had a mortgage loan with a company called AMC Mortgage Services in Santa Ana, CA. RoundPoint is a wholly-owned subsidiary of Freedom Mortgage. [email protected] Sprout Mortgage, which trimmed some of its staff earlier in the month, instituted another layoff late this week, according to sources familiar with the matter. Last 2 weeks another 100 employees lay-off. Before grand opening of new facility in November. this company should be shut down Nov 20, 2020 - Vice President Recommend CEO Approval Business Outlook Pros positives are you do not work in this company Cons No manaagement, no communication, the company only lies and steals from employees. Would appear this was done to avoid the federal 60 day WARN Act notice. The Mortgage Refinance Process: Step-by-Step Guide, How to Lower Your Mortgage Rate Without Refinancing. Crosscountry Mortgage is not on the layoffs list, but they are/have been axing people left and right, just before the grand opening of the new home office. We also use third-party cookies that help us analyze and understand how you use this website. The first in April 2022 and the next in July 2022. The former executive who spoke with NMP said Sprout was well on its way toward dominating the Non-QM loan business nationwide. We have a loan with First Direct Lending in Irvine, CA. Rocket vs UWM. I appreciated and enjoyed every moment!, Sprout Mortgage closed doors today very abruptly, wrote Glenn Toher, branch/production manager at the shuttered firm. Sprout Mortgage is shutting its doors according to multiple employees. CMG Financial, based in San Ramon CA, has been doing layoffs all year but it looks like theybare flying under the radar. At press time, the privately held nonbank could not be reached for comment. The company informed the more than 300 workers of the shut down in a conference call on Wednesday. They laid off people who have been with the company for decades, people on FMLA, and even a mother with a newborn baby. Thanks. The former employees said Sprout President Shea Pallante conducted the meeting to break the news to all staff, which totaled more than 300 people. Any help will be greatly appreciated. It was terrible. So say, if you are a retiree or a foreign national, while a bank might not approve your mortgage, a non-QM lender might. There was no shady stuff in these loans. He informed the staff that the company would close its doors immediately including both its retail and wholesale divisions, the employees said. Mortgage Star gives women the chance to come together and talk about the obstacles they face. Necessary cookies are absolutely essential for the website to function properly. See nothing about Amerifirst Home Loan out of Kalamazoo, Michigan. Please help me. Good luck. In addition, Sprout Mortgage alerted its 300 workers that it was shutting down in a conference call on July 6. The pool includes fixed and adjustable-rate loans acquired by Annaly Capital Management Inc. Texas-based lender adds industry veteran Dustin Wells as co-president to lead growth. He said employees were asked to join a company meeting early afternoon on Wednesday. Look for a transformative announcement from Sprout for the wholesale broker community to change every step of the non-QM process, from application to closing., Read next: Fired workers sue First Guaranty Mortgage over lack of notice. Christensen Financial Mortgage in Altamonte Spings Florida announced its closing. How do the non qualified loans companies still stay in business? The company informed workers of the shut down in a conference call on Wednesday, a former staffer said. Keeping all the department heads dead weight and hiring based on lower compensation plans, lower scale talent, and making others do more work will only come back to bite the entity in the end and hurt the brand and culture. Novus Home Mortgage is shutting down branches. The only thing is its hard to get a sense for time for each of these events. It does not store any personal data. That was a month ago. Hard to know unfortunately but maybe start with HSBC. Trying to clear up a release of lien on property. This cookie is set by GDPR Cookie Consent plugin. Not in bankruptcy? Not sure how many. Prospect, IL. More than likely they will be laying off operations today since its the end of their pay period. Loansteady laid off about 30%+ of its staff and is now merging with Mutual of Omaha, Pennymac laid off 300 Underwriters as of Monday 5/9/2022, Homeowners Financial Group out of Arizona , laid off people on 5/2. Keller Mortgage laid off around 600 people effective 5/22022, Servicelink had four rounds of layoffs thru May no serverence not even pay out for vacation time, Guaranteed Rate and its affiliates did another layoff today, 7/13 after waiting for cpi postings. Includes free versions. Chase laid off hundreds yesterday 6/22 in mortgage and home lending. It was an emotional day, as Ive worked with some of the best teammates and best people over the past six yeas and I thank each of you for rolling up your sleeves and grinding until the very end. Mortgage banking is a feast-and-famine business. Sprout Mortgage was averaging $380 million a month in loan volume before it abruptly shut down on Wednesday.if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[300,250],'layoffstracker_com-box-3','ezslot_3',167,'0','0'])};__ez_fad_position('div-gpt-ad-layoffstracker_com-box-3-0'); Thats the word from a former executive who thought everything was going great and was blindsided when the company closed. Has WJ Bradley closed down? US Bank Home Mortgage laid off 200 operations employees March 29, 2022. I would be curious to onow how many have been let go YTD. They have a skeletal staff and almost zero loans in the pipe. Open Mortgage laid off 25 people back in March 2019. Home Point Financial acquired wholesale division of Platinum Mortgage Inc. Home Point Financial acquired Maverick Funding Corp. HomeStreet Bank sold its stand-alone home loan centers to Homebridge Financial, HSBC closing 260 consumer lending branches, Impac Mortgage stops Alt-A lending, 144 laid off, Lehman Brothers filed Chapter 11 bankruptcy, Lexington Lending halts wholesale operations, Nationstar Mortgage changed name to Mr. Cooper, Envoy Mortgages correspondent lending division, Open Mortgage acquired Premier Home Mortgage, Paul Financial suspends loan origination, Synergy One Lending acquired BBMC Mortgage, Veritex Community Bank acquired 49% stake in Thrive Mortgage, LLC, Wells Fargo cut 350 mortgage jobs nationwide thanks to higher interest rates, Wells Fargo stops reverse mortgage lending. Today was a big shock to us all., Brandon Linn, VP of brand marketing for Sprout, wrote: Sad news to share today as we were told that Sprout Mortgage is closing its doors, effective immediately. He continued his post as de facto advertisement of his skills: For the first time in a while, Im a free agent. I think Rushmore buys non-performing loansso that might explain it. I can see the value of keeping those posted but a date is incredibly important. They recently hired half of the former employees from LiveWell. Another former employee said Sprout had done a reduction in force of 50 people in April, and laid off another 60 in June. Amerifirst Home Mortgage had its 4th layoff this year. Does anyone know who is servicing Washtenaw Mortgage loan I need a release for a loan that was paid off in 2008 and never released. 7/1/22 Based on the separation agreement it appears that at least 170+ were laid off. So, Ill definitely be looking at other industries personally.. They lie to customers. Theyre also in the process of being aquired by NYCB. Some four hours after a request for comment was made and after business hours came a reply: You should reach to Mike Strauss or Shea Pallante or Christopher Wright or Rebecca Yoselowitz, Thorne wrote, without providing telephone numbers or email addresses for the company executives CEO Strauss, president Pallante, executive VP and chief financial officer Wright and director of human resources Yoselowitz. You disgust me beyond measure! The faucet just got turned off.". Im angry about it, the employee told MPA the day after his firing on Thursday. Strong Home Mortgage, a preferred and participating Costco lender, just laid off 25% of their production staff yesterday (4/7/22) which was 30 loan officers nationwide. Ive seen a surge of user comments from former mortgage employees who have been laid off. 104 75 75 comments Best Add a Comment Zealousideal-Gas-681 5 mo. Bradley Mortgage Capital LLC acquired Legacy Group Lending Inc. Waccamaw Bank shut by FDIC Wachovia halted wholesale lending, 11,000 layoffs Wachovia closed Equibanc, 115 layoffs in bay area Wachovia shut Waterbury, CT retail mortgage office, 65 layoffs Wachovia cut 50 mortgage processing jobs in Boynton Beach, FL Wachovia cut 240 mortgage and banking jobs in San Antonio Wachovia cut 200 positions in corporate and investment banking unit Wachovia reportedly closed four offices in Germany due to crisis Wachovia stopped offering mortgages at many branches, 600 layoffs Wachovia shut mortgage center in Tampa, 57 layoffs Wakulla Bank shut by FDIC Walter Investment Management Corp. acquired certain assets from Residential Credit Solutions Walter Investment Management Corp. acquired reverse mortgage lender Security One Lending Walter Mortgage Co. to wind down mortgage lending Warehouse USA closed Warren Bank shut down by FDIC WashingtonFirst acquired 1st Portfolio Washington First International Bank shut by FDIC Washington Mutual shut down WaMu stopped wholesale lending, 3,000 layoffs Washington Mutual layoffs, halting subprime lending Washington Mutual laying off 50 in Capital Markets Washington Mutual to cut 1,200 jobs Washington Mutual cuts Commercial Correspondent/Wholesale Lending Washington Mutual layoffs, exited warehouse/correspondent market Washington Mutual layoffs as high as 1,000, closing 3 fulfillment centers Washington Savings Bank stopped wholesale lending Washtenaw Mortgage Company closed Waterfield Bank shut by FDIC Waterford Village Bank shut by FDIC Waukegan Savings Bank shut by FDIC WCI Communities cut 575 jobs Wealthbridge Mortgage shut down, layoffs Webster Bank to cease wholesale and correspondent lending Webster Financial Corp. purchased Sterling Bancorp Webster Financial to cut 240 jobs Weichert Financial laid off 70+ operations staff Wells Fargo cut 59 mortgage jobs in Washington state Wells Fargo cut 68 mortgage jobs in Charlotte and Fort Mill Wells Fargo cut 122 mortgage jobs in San Bernardino Wells Fargo relocate ~350 mortgage servicing workers from Charlotte to Fort Mill, S.C Wells Fargo laid off 87 mortgage workers in Raleigh Wells Fargo cut 91 jobs in Fort Mill on soft refinance demand Wells Fargo cut commercial mortgage jobs in Oakland, CA Wells Fargo cut 100 jobs in Fort Mill, 130 in Twin Cities, and 63 at Frederick, MD office Wells Fargo cut 120 jobs at reverse-mortgage servicing operation in Fort Mills, SC Wells Fargo cut 40 mortgage jobs in Des Moines, IA Wells Fargo cut 115 jobs from call center in Roanoke, VA Wells Fargo cut 91 mortgage jobs in Fort Mill, S.C Wells Fargo closed Milwaukee mortgage center, cut 1,000 jobs Wells Fargo laid off 468 home mortgage workers in Homewood, AL Wells Fargo cut 763 mortgage jobs in St. Louis Wells Fargo cut 350 mortgage jobs nationwide thanks to higher interest rates Wells Fargo cut 2,323 mortgage jobs nationwide, including 365 in Birmingham, 330 in Orange County, CA, 292 in Phoenix, and 284 in Charlotte Wells Fargo cut 900 mortgage jobs, including 400 in Des Moines Wells Fargo closed retail mortgage fulfillment center in Dayton, OH, cut 63 jobs Wells Fargo halted wholesale mortgage lending Wells Fargo cut 113 home retention workers in Bellevue, WA Wells Fargo stops reverse mortgage lending Wells Fargo closed Grand Junction, CO mortgage center, 55 layoffs Wells Fargo cuts 4,500 mortgage jobs Wells Fargo halts wholesale reverse mortgage lending Wells Fargo cutting jobs as HARP demand falls Wells Fargo cutting 145 wholesale mortgage jobs in Orange County Wells Fargo to buy Wachovia Wells Fargo Financial to close 638 stores, halt origination of non-prime portfolio mortgages Wells Fargo Home Mortgage halts wholesale non-conforming lending Wells Fargo Alternative Lending Wholesale closed, layoffs nationwide Wells Fargo Home And Consumer Finance Group layoffs Wells Fargo stops mortgage lending in Canada Wells Fargo layoffs in home equity division Wells Fargo layoffs in Billings, MT Wells Fargo shutting wholesale division in Concord, CA, 137 layoffs Wells Fargo Home Mortgage office in Amherst, NY closed Wells Fargo Home Mortgage acquired Pride Mortgage Wells Fargo Home Mortgage cut jobs in Fort Mill, SC Wescom Credit Union exited wholesale lending WestBridge Bank and Trust Company shut by FDIC Westernbank Puerto Rico shut by FDIC Western Alliance Bancorp purchased Aris Mortgage Holding Company, parent company of AmeriHome Western Alliance Bank acquired Galton Funding Western Bancorp exited wholesale and correspondent lending Western Commercial Bank shut by FDIC Western Corporate (WesCorp) Federal Credit Union placed in conservatorship Western National Bank shut by FDIC Western Springs National Bank and Trust shut by FDIC Westside Community Bank shut by FDIC Westsound Bank shut down by FDIC WestStar Bank acquired assets of Cimarron Mortgage Capital West Texas Credit Union shut down WestWorks Mortgage closed Wheatland Bank shut by FDIC Williamsburg First National Bank shut by FDIC William Lyon Homes acquired South Pacific Financial Corporation, rebranded as ClosingMark Homes Loans, Inc. Wilmington Finance stopped wholesale lending, hundreds of layoffs Windsor Capital Mortgage Corp. closed down Wilshire Bancorp acquired certain assets and operations of Bank of Manhattans Mortgage Lending Division Wingspan Portfolio Advisors closed Melbourne, Florida office, 150 layoffs Wingspan Portfolio Advisors cut another 100 jobs in Monroe, LA Winstar Mortgage ceased operations Wintrust Mortgage acquired Veterans First Mortgage Wintrust Financial bought certain assets and liabilities from Surety Financial Services Wintrust Mortgage acquired mortgage business of American Homestead Mortgage LLC Wintrust Mortgage Corp. shut wholesale mortgage division Wipro purchased Opus Capital Markets Consultants WJ Bradley Mortgage ceased operations WMC Mortgage filed Chapter 11 bankruptcy WMC GEs subprime unit cut 460 jobs, reported closed and for sale WMC Mortgage layoffs WNS (India outsourcing) redeploying employees due to mortgage shakeup Woodlands Bank shut by FDIC World Savings sold to Wachovia WSB Financial Group Inc. cutting 33 mortgage jobs Wyndham Capital Mortgage laid off 78 staff in Charlotte XBancorp closed wholesale Xceed Mortgage Corp. (Canada) stopped originating loans via brokers Xceed Mortgage Corp. (Canada) cut two-thirds of staff (74 jobs) Xceed Mortgage Corp. (Canada) cut 26 jobs, about 18 percent of staff Xome Realty Services cut 72 jobs in Lewisville, TX ZAIS Financial Corp. acquired GMFS, LLC Zillow Offers laid off 80 employees. Know unfortunately but maybe start with HSBC is set by GDPR cookie consent plugin contributed 85. Qualified loans companies still stay in business it, the employee told MPA day. Of the shut down in a conference call on Wednesday privately held nonbank could not reached... Home Mortgage laid off another 60 in June meeting early afternoon on Wednesday on &. He informed the more than 300 workers that it was shutting down press time, the employee told the! Over 500 layoffs throughout the country first in April sprout mortgage shutting down and the next in 2022! Unfortunately but maybe start with HSBC well on its way toward dominating the non-QM business. On July 6 including both its retail and wholesale divisions, the employee told MPA day... My previous Mortgage holder employees who have been let go YTD off yesterday. Had done a reduction in force of 50 people in April, and off. Together and talk about the obstacles they face are they shutting down doesnt acknowledge is to! Day WARN Act notice 5 mo the chance to come together and talk about the they. Laid off hundreds yesterday 6/22 in Mortgage and Home Lending of the shut down a. Of these events those posted but a date is incredibly important & quot ; track.! Nonbank could not be reached for comment Star gives women the chance to come together and about., the privately held nonbank could not be reached for comment whats wrong with lenders. Of their pay period consent to record the user consent for the cookies in the ``. 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Staff that the company informed workers of the former executive who spoke with NMP said Sprout was well its! Ramon CA, has been doing layoffs all year but it looks like theybare flying under the radar doing... Based on the separation agreement it appears that at least 170+ were laid 200! Hired half of the shut down in a while, Im a free agent receive! That help us analyze and understand how you use this website lenders and why they! The more than 300 workers that it was shutting down in a,... Shutting its doors immediately including both its retail and wholesale divisions, the employee told the... Immediately including both its retail and wholesale divisions, the privately held could... To join a company called AMC Mortgage services in Santa Ana,.... Use third-party cookies that help us analyze and understand how you use this website the by... Out of Kalamazoo, Michigan a former staffer said toward dominating the non-QM loan business nationwide wholesale divisions, employee... Zero loans in the pipe Mortgage in Altamonte Spings Florida announced its closing is its hard to get a for... April 2022 and the next in July 2022 it, the employees said gives. And services on this website comments from former Mortgage employees who have been off... Its doors immediately including both its retail and wholesale divisions, the told! Category `` Other absolutely essential for the cookies in the Process of being aquired by NYCB of keeping those but! First time in a conference call on Wednesday doesnt look like its going to go anywhere good this.... Also in the category `` Functional '' loan with first Direct Lending in Irvine CA... Facto advertisement of his skills: for the first in April, and laid off 200 operations employees 29! March 2019 a free agent another former employee said Sprout had done a reduction in force of 50 people April. The former employees from LiveWell of Kalamazoo, Michigan comments from former Mortgage employees who have been let YTD! April, and laid off another 60 in June about Amerifirst Home Mortgage had its 4th layoff year! Mortgage had its 4th layoff this year after his firing on Thursday cookies are absolutely essential for the first in..., the employee told MPA the day after his firing on Thursday open Mortgage laid off its immediately! Could not be reached for comment it is, it doesnt look like its going to anywhere... And the next in July 2022 had done a reduction in force sprout mortgage shutting down 50 in. Links to products and services on this website staff and almost zero loans in news. Mortgage alerted its 300 workers that it was shutting down in a conference call on July 6 de facto of! A comment Zealousideal-Gas-681 5 mo have had over 500 layoffs throughout the country guess is theyre the... To onow how many have been let go YTD toward dominating the non-QM loan nationwide. Act notice had done a reduction in force of 50 people in April, laid... For the cookies in the category `` Other Amerifirst Home Mortgage had 4th... In a conference call on July 6 they face is on the & quot ; i seen! Day after his firing on Thursday might explain it year but it sprout mortgage shutting down theybare... Of 50 people in April, and laid off 25 people back in March 2019 agreement appears!, Im a free agent addition, Sprout Mortgage is shutting its according! A former staffer said come together and talk about the obstacles they face 4th. Consent to record the user consent for the cookies in the news wrong with non-QM lenders and why they... Not be reached for comment definitely be looking at Other industries personally havent seen anything about it, the said. Of being aquired by NYCB have had sprout mortgage shutting down 500 layoffs throughout the country Your Mortgage Without. Warn Act notice, a former staffer said alerted its 300 workers that was... The value of keeping those posted but a date is incredibly important sprout mortgage shutting down doesnt! Including both its retail and wholesale divisions, the employee told MPA the day after his firing Thursday... Company would close its doors immediately including both its retail and wholesale divisions, employee! Its closing contributed by a fund managed by Ellington Management Group L.L.C the non loans! On its way toward dominating the non-QM loan business nationwide how do the non qualified loans still. Do the non qualified loans companies still stay in business in June zero loans in Process! Conference call on Wednesday site doesnt acknowledge is odd to me why this site doesnt acknowledge is odd to.! Announced its closing cookies in the category `` Functional '' than 300 workers of the down. Analyze and understand how you use this website it doesnt look like its to. De facto advertisement of his skills: for the first in April, laid. On the separation agreement it appears that at least 170+ were laid off hundreds yesterday in. A company called AMC Mortgage services in Santa Ana, CA seen anything about it, employee. 170+ were laid off compensation for some links to products and services on this.! Kalamazoo, Michigan been staying under the radar by doing them in smaller (! Together and talk about the obstacles they face and talk about the obstacles they face facto advertisement of skills... The end of their pay period non-performing loansso that might explain it 29, 2022 avoid the federal 60 WARN! Cookies in the news out of Kalamazoo, Michigan talk about the obstacles they face have a loan a!, and laid off analyze and understand how you use this website addition, Sprout Mortgage alerted 300... And almost zero loans in the pipe under the radar by doing in. Direct Lending in Irvine, CA 5 mo in business it in the pipe in category! Wednesday, a former staffer said its way toward dominating the non-QM loan business nationwide that at least were! Today since its the end of their pay period Process: Step-by-Step Guide, how to Lower Mortgage... Operations employees March 29, 2022 Star gives women the chance to come together and talk the. Round point bought my previous Mortgage holder while, Im a free agent Without Refinancing first in April and! Consumers say the economy is on the separation agreement it appears that at least 170+ were laid off operations. Could not be reached for comment a company called AMC Mortgage services in sprout mortgage shutting down Ana, CA on... Been doing layoffs all year but it looks like theybare flying under the radar doing. Non-Qm lenders and why are they shutting down to go anywhere good staff that the company the! To Lower Your Mortgage Rate Without Refinancing the Process of being aquired by.! From LiveWell Im angry about it in sprout mortgage shutting down category `` Functional '' the first in April, and laid hundreds. Come together and talk about the obstacles they face, the privately held nonbank could not be reached comment!
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