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This Year's Movement Mortgage Layoffs Surpass 300

Slower than expected production blamed

Oct. 4, 2018

By Mortgage Daily staff



A fresh round of job cuts at Movement Mortgage LLC has pushed total layoffs so far for this year past 300. The latest staff reductions are the result of lower-than-expected home lending volume.

In June, a hundred employees at four locations in three states were advised of layoffs by the Indian Land, South Carolina -based company. Slower than expected growth was blamed.

Four months earlier, Movement disclosed that it was cutting 75 operational positions at three locations including at its headquarters. The payroll reduction was tied to the elimination of a specific loan program.

On Thursday, Movement Mortgage Chief Executive Officer Casey Crawford issued a statement indicating that the home lender's staff was being reduced by 180 positions.

The same four locations as in June -- Fort Mill, South Carolina; Norfolk, Virginia; Tempe, Arizona; and Richmond, Virginia -- are impacted the staffing cuts.

Employees affected by the move are in a variety of positions a
cross multiple operations and support functions.

The national downturn in the housing and mortgage market is being blamed for the decision to reduce headcount. Residential loan originations have been lower than forecasted, according to the statement.

"This was a very difficult decision because it affected teammates we love. We are incredibly grateful for their contributions," Crawford said in the statement. "We believe we’re taking the necessary steps to continue to provide outstanding service for our customers, loan officers and communities long-term by adjusting to the reality of the mortgage business today."

Impacted employees will receive severance pay and related benefits.

Movement last reported its staff size at more than 4,000 as of June 1.

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