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.
|Mortgage – Management||9|
|Mortgage – Support||13|
|Mortgage Loan Set-Up||7|
|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|
|Quality Control – Mtg||11|
|Consumer – Support||1|
|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|