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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.

Mortgage Layoffs Pick Up Steam

Several recent rounds of layoffs reported

Aug. 7, 2017

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

A review of state employment data indicates that several real estate finance firms have recently made, or are planning to conduct, rounds of layoffs involving dozes of employees.

HSBC, which is eliminating 197 positions in Brandon, Florida, during September and October, laid off 360 during June and July, according to filings with the Florida Department of Economic Opportunity.

Such filings are required by the Worker Adjustment and Retraining Notification Act sixty days in advance of an employer's planned job cuts involving 50 or more people.

HSBC, which is winding down its consumer mortgage business, reported to the Illinois Department of Commerce and Economic Opportunity 150 layoffs in Elmhurst. The layoffs took place in June.

In Elma, New York, 179 Nationstar Mortgage LLC employees are being laid off on Aug. 21, a filing with that state's Department of Labor said. Nationstar previously reported a national staff of 7,700 as of May 2.

The Minnesota Employment and Economic Development was advised by Ditech Financial LLC in June that it is eliminating 125 jobs in St. Paul. No specific date was given, though WARN filings are required 60 days in advance.

The Minnesota actions by Ditech are on top of 437 Texas layoffs during July. Ditech is slashing its job force amid a restructuring announced last week by parent Walter Investment Management Corp.

In Orange, California, Kondaur Capital Corp. laid off 55 employees on July 17, according to a filing made with the California Employment Development Department.

The notice from Kondaur was received on May 17.

Banc of California, N.A., notified California that it will layoff 40 people on July 1. Four of the job cuts are in Irvine, and the other 36 are in Santa Ana.

Banc of California previously advised California of 139 layoffs that took place on May 1. The staff reductions followed the financial institution's March 2017 sale of its mortgage business to Caliber Home Loans Inc.

Citigroup Inc. filed a WARN notice with the Ohio Department of Job and Family Services indicating 94 Columbus employees were terminated on May 29.

A WARN filing with the Iowa Workforce Development indicated that Wells Fargo & Co. is laying off 32 people in West Des Moines on Aug. 14 and seven more employees on Sept. 11.

There are 224 people being laid off by New York Community Bancorp Inc. on Sept. 29, according to WARN filings in Ohio. The staffing reductions are taking place in Brooklyn and Cleveland

In Jacksonville, Florida, PHH Mortgage Corp. and parent PHH Corp. are eliminating 15 positions from Sept. 22 through Oct. 6, a filing with the state said. Thirteen were laid off in July and August, while 20 were let go in June.

Eight PHH employees were impacted by layoffs that took place during July in Williamsville, New York, a WARN filing in that state said. "Reduction in loan originations" was blamed for the job cuts.

Pittsburgh was the location of 112 Bank of America Corp. layoffs on July 2, a filing with the Pennsylvania Department of Labor & Industry stated.

Huntington Bank is closing a location in Holland, Michigan, and laid off 115 employees on May 12, a WARN filing with the Michigan Department of Technology, Management and Budget indicated.

In McLean, Virginia, Cardinal Bank let 60 employees go on June 10, according to the Virginia Board of Workforce Development.

Fifty people were terminated on May 12 at Guaranty Bank, a WARN filing in Minnesota said. The layoffs were in Brown Deer.

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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