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California Lender Laying Off Hundreds

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A California company that just two years ago was hiring hundreds of employees in two states is now laying off hundreds of employees.

In September 2011, CashCall Inc. was originating around $300 million a month and employed 830 people.

At the time, the Anaheim, Calif.-based company was in the middle of a recruiting campaign to fill 520 new positions in Anaheim and Las Vegas.

On its website, CashCall says it makes mortgage loans, personal loans and micro business loans.

CashCall, which was founded in 2000 by Ditech Funding Corp. founder J. Paul Reddam, was sued earlier this year by Minnesota’s attorney general for allegedly operating without a license, charging illegally high interest rates and fraudulently claiming loans it acquired were subject to the doctrine of tribal sovereign immunity because they were originated by Western Sky Financial Inc. — a firm owned by an American Indian tribe member.

Now the company is making massive layoffs.

A Worker Adjustment and Retraining Notice filed with the California Employment Development Department indicates that 486 employees are being laid off in Anaheim.

The layoffs will take place on Dec. 1.

In addition, a second WARN filing indicated that 283 employees in the nearby town of Orange will also be laid off on Dec. 1.

CashCall didn’t immediately respond to a request for details about the job cuts.

But the WARN letter indicated that many of the impacted employees work in loan production.

The count by job category is outlined in the following table.

Anaheim

Administration 5
Compliance 12
Human Resources 4
Information Technologies 74
Marketing 10
Mortgage – Management 9
Mortgage – Support 13
Mortgage Loan Set-Up 7
Office Management 5
Production – Funding Mort 19
Production – Processing 75
Production – QC Support 4
Production – Team 11 12
Production – Team 12 16
Production – Team 15 15
Production – Team 16 16
Production – Team 18 13
Production – Team 27 14
Production – Team 7 12
Production – UW/Mortgage 34
Purchase Clearing 6
Quality Control – Mtg 11
Secondary Marketing 2
Shipping/Post Closing 46
Special Services 44
Team Manager 8

Orange

Administration 2
Business Development 2
Consumer – Support 1
Consumer Management 11
Finance/Accounting 22
Fraud 15
Human Resources 12
Information Technologies 2
Legal 7
Office of the President 1
Production – Funding Cons 12
Production – Team 1 22
Production – Team 17 21
Production – Team 22 20
Production – Team 28 18
Production – Team 4 22
Production – Team 6 18
Production – Team 9 20
Production – UW/Consumer 19
QC Loan Audit 7
Risk Management 7

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