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Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.

Big Banks Dominate Mortgage Layoffs

Recent mortgage-related layoff activity

Nov. 17, 2013

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

While many smaller lenders and service-providers are making mortgage-related job cuts, the bulk of employees impacted by a recent rash of layoffs in the sector work for just a few large banks.

Wells Fargo Home Mortgage, which on Oct. 16 announced 925 layoffs, filed a Workers Adjustment and Retraining Notification on Oct. 23 with the State of Oregon Department of Community Colleges and Workforce Development indicating that 92 employees in Portland will be laid off on Dec. 22.

One more of the Wells Fargo layoffs will occur on Dec. 15 in Santa Ana, Calif., according to a WARN filing with the California Employment Development Department.

A round of layoffs announced by Wells Fargo on Sept. 18 impacted approximately 1,800 employees. The following week, the company announced 22 mortgage layoffs in St. Louis, the Des Moines Register reported.

The Des Moines, Iowa-based lender said in August that it was eliminating 2,300 positions within 60 days.

Turns out that 120 of those layoffs happened on Oct. 20 in Costa Mesa, a California WARN filing said, while another 64 are in San Bernardino, 64 are in San Diego and 217 are in Santa Ana. In addition, nine more San Bernardino layoffs were scheduled for Nov. 16, and two more were planned for San Diego.

Out of 356 layoffs announced by Wells Fargo in July, 58 were in West Des Moines, Iowa, the Des Moines Register reported.

Bank of America Corp., which revealed in October that it was handing out pink slips to 1,200 mortgage employees and planned to eliminated another 2,800 distressed servicing jobs in the fourth quarter, filed a WARN in Oregon. The notice said that 59 employees were laid off on Oct. 25 in Hillsboro as part of a "mass layoff."

The New Jersey Department of Labor and Workforce Development was advised by BofA that 136 employees in Marlton would be terminated on Dec. 6.

BofA disclosed in August more than a thousand Ohio layoffs. A WARN filing with the Ohio Department of Job and Family Services said that the layoffs took place on Oct. 31 and 997 were in Beachwood, 98 were in Cincinnati and 53 were in Independence.

The Virginia Workforce Network was advised in August that 50 BofA employees in Washington, D.C., would be terminated on Oct. 31.

WARN filings with California officials indicate the round of BofA announced in October includes 89 in Concord, 110 in Rancho Cordova and 108 in San Jose. All of those job cuts will take place on Dec. 22.

This month, BofA advised the Pennsylvania Department of Labor and Industry that eight Pittsburgh employees will be gone on Dec. 22.

In September, JPMorgan Chase & Co. reported that 1,500 employees were being laid off, including 180 in Jacksonville, Fla. But a Sept. 24 WARN notice filed in Florida indicated that the Jacksonville number was actually 186. The notice indicated that the layoffs are taking place from Nov. 22 through Jan. 1, 2014.

A second WARN notice filed on the same day indicated that 10 Tampa, Fla., employees were being let go on the same dates.

Chase filed a WARN on Sept. 24 with the New York Department of Labor that said 16 people in Brooklyn would be laid off between Dec. 22 and Dec. 31.

Chase advised Ohio officials that 31 jobs were eliminated on Sept. 24 in Cleveland.

Another 14 of the layoffs were in Coppell, Texas, and will take place on Nov. 22, Chase said in a WARN filing with the Texas Workforce Commission.

The Illinois Department of Commerce and Economic Opportunity was notified by Chase that 145 mortgage layoffs are taking place on Nov. 22 in Chicago.

Chase announced a round of layoffs in August. WARN notices filed with California's Employment Development Department indicated that layoffs taking place on Oct. 11 include 307 in Chatsworth, 242 in Irvine, 186 in San Diego and 162 in San Ramon. Another 88 will happen in Chatsworth on Nov. 22. In addition, an Ohio WARN notice said 97 Columbus employees were let go on Oct. 11.

On Nov. 22, seven Chase employees in Indianapolis will be laid off, a WARN filing with the Indiana Department of Workforce Development stated.

Around 216 employees are being laid off by Discover Home Loans Inc. on Dec. 12. A California WARN notice indicated that 74 of the job cuts are in Irvine, while Business First reported that 142 employees are being let go in Louisville, Ky. The layoffs reportedly represented around a quarter of its national workforce, putting head count prior to the layoffs at around 864 people as of Oct. 16.

SunTrust Mortgage Inc., which in October disclosed 800 planned nationwide layoffs, advised the Florida Department of Economic Opportunity on Oct. 31 that 67 layoffs would take place on Dec. 31 in Tampa. It filed a WARN in California saying that 89 Irvine employees are being laid off on the same day. The Richmond-Times Dispatch said that a hundred of the layoffs are in Richmond, Va.

Third quarter mortgage layoffs at SunTrust amounted to around a hundred employees, Dow Jones Newswires reported.

In Clearwater, Fla., First American Mortgage Services eliminated 102 jobs on Nov. 15, according to a WARN notice in September.

CoreLogic Services LLC filed a WARN notice on Nov. 7 indicating that 68 employees in Sunrise, Fla., would be laid off between Jan. 2, 2014, and Feb. 28, 2014.

Another 74 employees are being laid off on Dec. 15 in Lancaster, Calif., at CoreLogic Tax Services, according to a WARN filing in that state.

Twelve administration positions were eliminated as a result of declining mortgage revenues, Carolina Bank Holdings Inc. said in its third-quarter earnings report. The Greensboro, N.C.-based firm noted, however, that it has added an unspecified number of account executives and loan advisors.

Residential Finance Corp. said as recently as September that it operated "retail branch office locations in 39 states nationwide." It was the fifth fastest-growing mortgage-related firm in this year's Inc. HirePower ranking, which was based on data from last year. The Inc. report said that RFC's headcount had jumped to 901 from 570 a year and a half earlier.

But times have turned for the Columbus, Ohio-based company, which has laid off hundreds of employees since this past summer and cut headcount to around 260, according to Inside Mortgage Finance. Some of the layoffs were in Charlotte, N.C. Branch count, which had been as high as 60, has reportedly dwindled to around 15.

Michigan Mutual laid off 68 of its 423 employees on Aug. 26, the Detroit Free Press reported. A majority of the layoffs at the Port Huron-based company -- which at one point had a staff of 465 -- were in Southfield, Mich.

A July 18 WARN filing with the Michigan Department of Technology, Management and Budget was revised to reflect 324 Flagstar Bank layoffs in Troy, up from the 299 originally reported.

The Business Journal reported that Associated Bank is eliminating less than 25 consumer and mortgage processing jobs in La Crosse, Wis., on Jan. 2, 2014.

In Tennessee, Churchill Mortgage cut its staff by 19 people, The Tennessean reported on Oct. 3. The layoffs directly contradicted a Sept. 25 statement issued by Churchill spokesman Michael Touchton that said, "Churchill Mortgage, however, continues to rapidly expand through 2013. Since January, the local lender has intensified recruiting efforts." Touchton ignored a request for an explanation.

FirstMerit Bank eliminated 135 employees in Flint Michigan during October, according to a WARN filing in that state.

A Sept. 6 story in the Charlotte Observer said that Wyndham Capital Mortgage laid off an undisclosed number of employees in Charlotte, N.C.

First National Bank filed a WARN in Ohio indicating that out of 57 planned layoffs from Oct. 11 through Jan. 14, 2014, mortgage-related jobs account for 16 of the positions.

In Philadelphia, Citizens Bank eliminated 86 positions on Nov. 8, a WARN filing in Pennsylvania said.

At several locations in New York, Sterling National Bank is cutting 16 jobs between Feb. 2, 2014, and March 31, 2014, a WARN filing said.

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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