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Over 1,000 Recent Mortgage Layoffs

WARN notice filings in CA, FL, IL & NJ

October 28, 2008

By MortgageDaily.com staff


More than 1,000 mortgage-related employees have been notified during the past month that they will be laid off.

A review of employment data in several states indicates that mortgage-related companies have filed Worker Adjustment and Retraining Notifications in anticipation of 1,052 layoffs by Dec. 31.

Washington Mutual Inc., which saw the failure of subsidiary Washington Mutual Bank last month, reported 306 layoffs at a servicing facility in Chatsworth, Calif., and 90 layoffs at a Boca Raton, Fla., location. The layoffs dates range from Sept. 12 to Dec. 31. Assets of Seattle-based WaMu Bank were acquired by JPMorgan Chase & Co.

WaMu Home Loans Layoffs
(since 2003)

Date Disclosed
Number Laid Off
June 19, 2008 1,200
April 8, 2008 3,000
Feb. 26, 2008 381
(# of home loan employees unconfirmed)
Dec. 10, 2007 2,600
Sept. 14, 2007 1,000
July 2, 2007 210
June 18, 2007 120
June 12, 2007 60
Feb. 15, 2007 250
Dec. 18, 2006 300
Nov. 2, 2006 65
Aug. 9, 2006 82
July 14, 2006 350
May 24, 2006 1,400
May 4, 2006 250
Feb. 16, 2006 2,500
Jan. 26, 2006 64
Nov. 18, 2004 2,000
July 23, 2004 2,500
Jan. 13, 2004 2,900
Oct. 30, 2003 4,000

Wachovia Corp. is laying off 165 Florida employees in Boynton Beach, Jacksonville and other locations throughout the state, WARN filings in that state indicated. The job cuts are scheduled from Oct. 7 to Dec. 31.

In July, Wachovia disclosed plans to eliminate 10,750 positions company-wide. It subsequently raised that number to 11,350.

Wells Fargo & Co. has agreed to acquire Wachovia in a deal expected to close by the end of this year.

Wachovia Employment Activity
Date Reported Location Number
September 9, 2008
Florida
126
Bensalem, Penn.
80
Aug. 12, 2008 national -11,350
Aug. 11, 2008 primarily Midwest -125
July 21, 2008 national wholesale unknown
April 14, 2008 national -1,500
Jan. 7, 2008 California -120
Jan. 3, 2008 San Antonio, Texas -160
May 14, 2007 San Leandro, Calif. -101
April 2, 2007 San Antonio, Texas +522
Feb. 14, 2007 national +50
Nov. 28, 2006 Waterbury, Conn. -74
March 8, 2006 national +750
Feb. 23, 2005 national +300

Equity One disclosed in a WARN notice that it planned to lay off 147 employees in Marlton, N.J., on Nov. 7. Equity One sold a significant portion of its U.S. consumer-finance loan portfolio in March. The latest move comes as parent Popular Inc. laid off 160 mortgage servicing employees this month in New Jersey and shut down E-LOAN Inc. last week.

HSBC Mortgage Services reported in a WARN filing that 214 layoffs occurred on Sept. 30 in Elmhurst and Franklin Park, Ill. In June, the Prospect Heights, Ill.-based lender laid off 48 Virginia employees.

Land America reported in a WARN notice that 130 layoffs will occur on Nov. 14 in San Bernardino, Calif.

During the third quarter, MortgageDaily.com tracked a total of 10,515 mortgage industry layoffs.


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