For the second time this year, Movement Mortgage LLC is conducting a round of layoffs. The latest job cuts are tied to production. But the home lender still maintains its plans to expand.
In February, Movement revealed that it was eliminating 75 operational jobs at three locations including at its Indian Land, South Carolina headquarters.
At the time, the rising star said that despite the job cuts that were tied to the elimination of a specific loan program, it still planned to add 900 people this year.
On Friday, Movement confirmed in a written statement that another 100 operations positions will be eliminated across the company.
The layoffs came in response to slower than expected loan growth this year, the statement said.
“This year, we are growing slower than we expected. This is a challenge, not just at Movement, but across the entire mortgage industry,” Movement Mortgage Chief Executive Officer Casey Crawford said in the statement. “We believe our decision to adjust our operations is in the long-term best interest of our entire Movement community.”
Fifty-two of the job cuts will be in Norfolk, Virginia; 26 are happening in Tempe, Arizona; 18 will take place in Fort Mill, South Carolina; and four are in Richmond, Virginia.
Affected employees will l receive severance pay, extended financial counseling and Employee Assistance Program benefits.
Today’s statement indicated that despite the latest round of layoffs, Movement continues to recruit originators.
“So we are actively recruiting loan officers to grow our sales force and are committed to long-term growth in all of our operations campuses,” Crawford added. “We have many years of growth and significant impact in our future.”
Staffing currently exceeds 4,000 people, down from 4,279 previously reported as of Sept. 30, 2017.
