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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.

Few Mass Mortgage Layoffs

Recent job eliminations

March 20, 2017

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Despite a projected drop in home-lending activity this year, there have been few mass layoffs so far in the industry. Two bank mergers will result in job cuts.

Economic forecasts for the mortgage industry have loan originations tumbling from around $2 trillion in 2016 to roughly $1.6 trillion this year.

The lower expected activity is the result of rising interest rates that will drive down refinances. Such reductions are typically followed by industry layoffs.

But an analysis of state filings made as required by the Worker Adjustment and Retraining Notification Act show that few layoffs have actually taken place yet.

The Department of Labor and Workforce Development in New Jersey was notified last month by PHH Mortgage Corp. that it is cutting 33 jobs.

The job cuts at PHH came as the company has sold its mortgage servicing rights and initiated a managed exit from its private-label services business.

The layoffs took place on March 13 in Mount Laurel, where PHH is based.

Seven people in Jacksonville, Florida, are being laid off by PHH Mortgage Corp. The Jan. 30 WARN filing with the Florida Department of Economic Opportunity indicated that the layoffs will begin on March 31 and be completed by April 14.

PHH reached an agreement last month for LenderLive Network LLC to acquire its private-label fulfillment operations in Jacksonville.

"Business closure" was cited as the reason for 91 layoffs at South State Bank in Martinez, Georgia. The WARN notice was filed with the state's Department of Economic Development, Workforce Division, on Feb. 17.

The acquisition of Suffolk County National Bank by People's United Bank, N.A., will result the layoff of 73 Suffolk County employees, a WARN filing with the New York Department of Labor. Riverhead is the location of the actions. The layoffs started on March 6 and will continue through June.

First Commonwealth Financial Corp. is acquiring DCB Financial Corp. on April 3, resulting in the layoff of 58 DCB employees, a WARN filing with the Ohio Department of Job & Family Services, Office of Workforce Development. The impacted employees are in Lewis Center. The staff reduction will being on April 3 and be completed by June 2.

At Bank of the West, 47 employees in San Ramon, California are being permanently laid off. A Feb. 6 WARN notice provided to the California Employment Development Department indicated the jobs will be cut on April 3.

TCF Bank filed a WARN notice in February with Minnesota Employment and Economic Development but didn't list the number of layoff. The location is Plymouth.

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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