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| A branch reduction at a New Century Financial Corp. subsidiary resulted in hundreds of mortgage employee layoffs.
Home 123 Corp. closed 24 consumer direct offices between December and the beginning of this month, New Century spokeswoman Lauren Oberhelman told MortgageDaily.com. The move resulted in approximately 200 job cuts in markets the company determined were not consistent with optimal distribution, she added. “This was not immediate reaction to the mortgage market,” Oberhelman said. “It was a strategic move in line with our overall strategy of using call center and branch distribution methods in our retail operations.” The spokeswoman noted that Home 123 is keeping a substantial footprint, as 50 consumer direct branches that are responsible for about 85 percent of its business, 129 referral network branches, and 16 affiliated business arrangement offices, remain in place. The closings did not involve RBC Mortgage Inc. branches, according to the spokeswoman. RBC, mainly a retail prime and Alt-A lender, was acquired by Home 123 in the third quarter 2005, broadening the lending scope of the nonconforming lender. |
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