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| A mortgage slowdown at First Horizon National has impacted hundreds of employees.
The Tennessee-based lender laid off 232 mortgage support employees during a nine month period ending Sept. 1, spokeswoman Kim Cherry told MortgageDaily.com. The layoffs were spread across the country and “due to decreases in production,” she said. First Horizon reported mortgage volume had been on a downturn since the second quarter 2005 before increasing to $7.5 billion last quarter. Late last month, the Memphis-based company said it expected deterioration in the mortgage sector to reduce pretax third quarter operating earnings by approximately $35 million from the prior quarter’s $104.3 million. Currently, First Horizon has 5,363 mortgage employees, Cherry said. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: [email protected] |
