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Few Mortgage Layoffs Precede Potential Job Cuts

Recent mortgage layoff activity

Jan. 17, 2017

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Staff reductions at mortgage firms have been relatively mild over the past few months. Conditions appear ripe, however, for an acceleration.

Prospect Mortgage LLC advised the California Employment Development Department on Dec. 2, 2016, about 94 permanent layoffs.

The disclosure was required by the Worker Adjustment and Retraining Notification Act when there will be at least 50 layoffs within 60 days.

Prospect Mortgage's job cuts, which are taking place in Sherman Oaks, California, become effective on Jan. 31.

Fifty-four people were impacted by a round of Ocwen Financial Corp. layoffs that took place between Oct. 24, 2016, and Dec. 31. According to the WARN filing with the Pennsylvania Department of Labor & Industry, the reduction occurred in Fort Washington.

On Sept. 11, 2016, Wells Fargo laid off 19 people in West Des Moines, a WARN filing with the Iowa Workforce Development indicated.

Columbia, Maryland, is the location of 10 CoreLogic Inc. layoffs on Feb. 7, according to a WARN filed with the Maryland Department of Labor, Licensing & Regulation.

The Texas Workforce Commission was advised of 29 Irving layoffs that took place in November at OneMain Financial.

There were 109 employees impacted by permanent layoffs by First Midwest Bank in Hickory Hills, Illinois. The filing, made with the Illinois workNet Center System, indicated the layoffs took place on Dec. 5, 2016.

South State Bank said in a WARN filed with the Georgia Department of Economic Development, Workforce Division, that it would terminate 91 people in Martinez on Feb. 17. "Business closure" was blamed.

Univest Bank and Trust Co. cut around 35 banking and non-banking jobs from its total staff of 841 people in November, Allentown, Pennsylvania's, The Morning Call reported. The impacted positions were in the Lehigh Valley.

Large banks like Wells Fargo & Co. and JPMorgan Chase & Co. are likely to initiate a round of layoffs in the coming quarters as home lenders reconcile their human resources with the loss of refinance originations projected for this year. Smaller mortgage bankers can be slower in their staff reductions.

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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