GMAC Financial Services will move back-office and sales positions out of California and North Carolina, leaving more than 300 displaced workers.
GMAC discontinued residential lending activities in Costa Mesa, Calif., and Charlotte, N.C., a spokeswoman said in a statement to MortgageDaily.com.
The work is being re-directed to Fort Washington, Pa.
“We feel that these difficult actions are necessary to further reduce costs and to size the company’s mortgage business appropriately for industry conditions,” the statement said.
In Costa Mesa, 269 sales employees were impacted. The positions were with ditech.
In Charlotte, 44 back-office positions were eliminated. The employees supported direct lending to GMAC Mortgage customers.
“These actions do not indicate a shift in GMAC’s mortgage lending strategy,” the spokeswoman explained. “GMAC will continue its responsible lending practices under both the ditech and GMAC Mortgage brands.”
