Warehouse Lender Cuts Jobs
Citigroup's warehouse lending subsidiary will cut nearly 150 California jobs this year.
First Collateral Services Inc. notified California's Employment Development Department it plans to release 142 employees by Dec. 31, according to a journal of Worker Adjustment and Retraining Notifications published by the state.
The layoffs are planned in Concord, Calif., near San Francisco, where First Collateral maintains its headquarters.
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Mortgage Jobs Fall
Jobs in the mortgage sector, which are down more than 175,000 from their peak, continued to decline in the latest government report. Employment in the sector has contracted for 13 consecutive months.
IBM Unit to Add 600 Mortgage Jobs
IBM's mortgage unit plans to expand its operations in North Carolina.
Mixed Results at Countrywide
Quarterly fundings improved at Countrywide Financial Corp., though delinquency and earnings worsened. Employee count inched higher.
Reverse Lender Adding Branches, Originators
A Colorado company is looking to hire as many as 70 new originators in a national expansion as it opens new branches and heads toward a top-10 reverse mortgage lender ranking this year.
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Motivation to Merge
Senior executives of a Minneapolis-based mortgage banker with $1 billion in annual originations and the smaller cross-town rival it acquired talk about the logic and motivation to do the merger. Along with two more similar deals in the works, headcount is likely to increase by more than 50.
1,000 Q1 Job Cuts at National City
Quarterly originations were worse at National City Corp., but earnings improved from the fourth quarter. The company cut more than 1,000 mortgage banking jobs during the period.
WaMu Moves Likely to Impact 3,000
Washington Mutual Inc. announced plans to strengthen its capital position, eliminate the mortgage broker channel and close home loan offices. Around 3,000 employees are expected to be impacted.
WaMu Closing Wholesale Unit, Retail Centers
Washington Mutual Inc. is shutting down its wholesale lending unit as well as its home loan centers. The move could potentially impact more than 10,000 employees.
2 Wholesalers Done, 1 Scales Back
Two wholesale lenders are done, while a third has significantly scaled back operations -- leaving a number of workers unemployed.
