A recent round of layoffs at CashCall Inc. has been attributed to seasonal and market factors that are expected to impact the entire home-lending industry.
Justin Moisio, vice president of business development and investor relations at parent Impac Mortgage Corp., confirmed the layoffs in a written statement Tuesday.
Irvine, California-based Impac acquired CashCall back in January of last year. Anaheim, California-based CashCall operates as a centralized retail call center.
“This was a normal staff reduction as a result of seasonality, as well as higher rates and decreased refinance activity — which was expected,” Moisio explained in the statement. “CashCall Mortgage’s business model is based on efficiencies. They are always scaling up and down based on the market, which is consistent with their model.”
He added that the layoffs are consistent with the rest of the mortgage industry.
“Numerous other lenders I have spoken with have recently done the same, or will be adjusting their staffing,” Moisio stated.
Moisio declined to provide details about when the layoffs took place or what specific positions were impacted.
While he also declined to disclose how many employees were laid off,
there have been no filings made since July 1 with the California Employment Development as required by the Worker Adjustment and Retraining Notification Act when 50 or more employees will be laid off.
The layoffs were first reported by Inside Mortgage Finance.
