home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

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


Subprime Layoffs Continue at WaMu

110 IL jobs cut

July 2, 2007

By COCO SALAZAR


photo of Coco Salazar

More mortgage layoffs were disclosed by Washington Mutual Inc. -- which is consolidating its subprime processing operations as a result sinking volume.

"As a result of the changing subprime market," the Seattle-based thrift will be laying off approximately 210 employees, WaMu spokeswoman Olivia Riley told MortgageDaily.com via e-mail statements.

About 110 of the layoffs will come from the closure of a subprime loan fulfillment center in Itsaca, Ill., and the other 100 will result from the previously-reported shutdown of a similar center in Dublin, Calif., according to the statements.

WaMu initially told MortgageDaily.com the Dublin office closure would result in about 120 layoffs and reflected "both reduced subprime volume and a continuing program of increasing efficiency by consolidating back-office support space nationally." The lender originally notified the Illinois Department of Commerce and Economic Opportunity there would be 140 Itsaca layoffs.

Riley expects the work from Itsaca and Dublin to be transferred to two remaining subprime fulfillment centers in Anaheim, Calif., and Denver, Colo.

Where possible, WaMu said it will help the affected subprime employees find jobs within the company.

Different groups of employees will be laid off on different dates, but most of the jobs will end Aug. 1, Riley said.

Following a 57-percent plunge to $3.48 billion in WaMu's subprime volume during the first three months of the year, the second quarter held the completion of 250 Long Beach Mortgage loan fulfillment job cuts and about 60 mortgage records center layoffs in Houston, Texas.


Related:

Subprime Decline, Layoffs at WaMu
Tumbling subprime volume continued to take its toll on Washington Mutual Inc. employees.


Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

e-mail: [email protected]


Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders