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Mortgage Layoffs Pick Up Steam

2 companies closing mortgage divisions

Oct. 30, 2017

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

As interest rates continue to drift higher, an acceleration of layoffs in real estate finance is taking place. Two companies are closing their mortgage divisions.

New York Community Bancorp laid off 210 mortgage employees, according to a filing made with the Ohio Department of Job & Family Services

The filing was made as required by the Worker Adjustment and Retraining Notification Act, which is required when at least 50 employees are impacted.

"New York Community Bancorp Inc. intends to permanently shut down operations of its Cleveland, Ohio-based residential mortgage banking business effective Sept. 29," the notice stated.

A Sept. 18 WARN filing with the Michigan Department of Technology, Management and Budget said 62 people are being laid off by People's Bank's national mortgage business division in Southfield. WARN filings are required 60 days in advance of planned layoffs, suggesting the job cuts will take place in November.

The layoffs follow the acquisition of People's Inc. by National Bank Holdings Corp. The June 26 news release disclosing the acquisition said Peoples would divest or wind down its national mortgage business by the end of this year.

Thirty-one People's mortgage workers are being laid off on Tuesday in Westerville, Ohio, a WARN filing with that state said.

During the fourth quarter, PHH Mortgage Corp. will terminate 47 people in Jacksonville, Florida, three WARN filings with the Florida Department of Economic Opportunity stated.

Another two PHH employees will be let go in December in Williamsville, New York, a WARN filing with the state's Department of Labor stated.

Wells Fargo & Co. cut 39 mortgage jobs during the third quarter in West Des Moines, Iowa, three WARN filings with the state's Workforce Development said. In addition, three more position will be eliminated during November.

In Riverside, California, 29 mortgage production employees were let go during the second quarter at Provident Bank, according to an article from Inside Mortgage Finance. Headcount at Provident reportedly finished June at 253 people.

A WARN filed with the California Economic Development Department indicated 54 people were laid off by Bank of the West on Sept. 19. The employees are located in San Ramon.

Another California WARN filing said two positions are being eliminated on Nov. 17 at RMR Financial LLC. The location of the positions is Los Gatos.

Capital One, N.A., notified the Golden State in a WARN filing that it will let 132 people go on Jan. 8, 2018, in San Francisco.

Beaumont, Texas, was the location of another 47 Capital One layoffs on Oct. 1, according to a notification filed with the Texas Workforce Commission.

A WARN filed with the Pennsylvania Department of Labor & Industry said Branch Banking & Trust Co. will layoff 82 employees on Dec. 3 in Lititz.

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.

[email protected]

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