Mortgage Daily Logo
mortgage news from industry experts

Florida Layoffs at Block

Florida Layoffs at Block

141 jobs to be cut by June

April 4, 2007

By COCO SALAZAR

photo of Coco Salazar
A restructuring at H&R Block Inc.’s prime retail mortgage origination group will result in hundreds of layoffs.

H&R Block Mortgage Corp. gave layoff notices on Thursday to 141 employees at its mortgage origination office in Tampa, Fla., spokeswoman Nancy Mays told MortgageDaily.com. The jobs, which include loan officers and processors, will be phased out until the office closes on June 2.

The layoff notices follow the company’s decision to build its prime retail mortgage origination business under H&R Block Bank, which was opened a year ago and is headquartered in Kansas City, Mo, according to the spokeswoman.

“It will be a gradual process,” Mays said. “Anytime we do a decision like this, it is difficult, but this will be a better business model for prime retail mortgage operations.”

Including the Tampa site, the Irvine, Calif.-based mortgage company currently has 12 offices nationwide, including in Chicago, Ill., and Denver, Colo., the spokeswoman said today. Some of the offices house mortgage origination operations and others client retention services.

The Tampa office closure is the only one the company has confirmed, but other mortgage origination offices may be closing, Mays said. She did not have further details as to how many mortgage origination offices and employees may be affected. The decision to build under the bank will not affect client retention group offices.

Mays noted the decision regarding Block’s prime retail mortgage origination group are not related to Option One Mortgage Corp., the wholesale nonprime arm.

Last May, the president of Block’s consumer financial services group, Steve Nadon, told attendees of a nonprime conference in Washington, D.C., that everything from sales to back-end operating processes will be redefined.

Because the operating models in place for the last decade were not going to work in the future, the company was taking a critical look at everything from the use of titles to the utilization of technology, Nadon said.

Block is still looking a buyer for Option One, which has defaulted on multiple warehouse lines.


next story

back to current headlines

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION