Mortgage Daily Logo
mortgage news from industry experts

LendingTree Continues Layoffs

LendingTree Continues Layoffs

220 mostly CA job cuts

December 14, 2007


photo of Coco Salazar
LendingTree LLC has laid off a fifth of its staff — bringing its employee count to just half the size it was seven months ago.

The Charlotte, N.C.-based company reduced headcount by 220 on Dec. 7, LendingTree spokeswoman Rebecca Anderson told The majority of the job cuts occurred in Irvine, Calif., and the rest were at the two other main sites of employment, which are its headquarters and a Jacksonville, Fla., office.

Amongst the factors leading the leads generator to the layoffs were “continued deterioration of the mortgage market, as well as continued forecasts … that have anticipated lower volume over the next one to two years,” Anderson said.

The layoffs impacted sales, production and support staff, which includes technology information employees, she added.

This month’s headcount reduction follows 250 layoffs in September and 440 job eliminations in May. Anderson said a majority of the September cuts were in Irvine, and information by the California Employment Development Department indicates that was also the case in May, with 271 layoffs cited for that city.

About 900 employees remain at LendingTree — half the 1,800 that remained after the May layoffs due to a combination of eliminating positions, choosing to not hire for certain positions and attrition. Behind Irvine receiving the largest impact from layoffs is that it is also the site with the most employees. The California site currently houses almost 500 employees, while Charlotte holds 350 and Jacksonville close to 75 workers, Anderson said.

LendingTree has facilitated more than 23 million loan requests and $185 billion in closed loan transactions since its inception in 1998, according to an announcement.

LendingTree news

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...


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