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Home Lending Layoffs Modest

Recent mortgage-related layoffs

March 29, 2016

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

While some companies in the mortgage industry have recently disclosed plans to reduce headcount, the number of layoffs involved is minimal.

Capital One Financial Corp. disclosed in February that it planned to lay off a hundred mortgage employees in Wilmington, Delaware during April.

But a notice filed under the Worker Adjustment and Retraining Notification Act indicated that the layoffs, which take place on April 2, total 109.

Ditech Financial LLC reported in a WARN notice filed with the California Employment Development Department that it is laying off 87 people in Costa Mesa on March 28.

Sixty employees are impacted by layoffs at Wells Fargo Home Mortgage Servicing, according to a WARN filing with the Washington Employment Security Department. The job cuts will take place on April 3 in Vancouver.

A Feb. 9 statement from Redwood Trust Inc. indicated that the discontinuance of commercial real estate loan originations for commercial mortgage-backed securities would result in 25 layoffs.

In January, Mill Valley, California-based Redwood disclosed that planned to discontinue the acquisition and aggregation of conforming loans for resale to Fannie Mae and Freddie Mac would result in a 25 percent reduction in its staff -- which had last been reported at 221 as of September 2015.

That put the number of Redwood layoffs at around 55 employees -- though a Feb. 19 article from the Marin Independent Journal had the total at between 75 and 80. The story went on to say that a majority of the layoffs are in Colorado.

Bloomberg reported last month that Jefferies Group was reducing staff in its fixed-income unit. The move reportedly impacted less than 10 percent of mortgage-related employees in the unit.

But none of the Jefferies layoffs were reflected in a WARN report from the New York Department of Labor. Companies are required to file WARN notices at least 60 days prior to the planned layoff of at least 50 employees.

FNB Corp. filed a WARN notice with the Pennsylvania Department of Labor and Industry indicating it planned 230 layoffs in Dauphin County on Feb. 13.

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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