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LendingTree Continues Layoffs

LendingTree Continues Layoffs

220 mostly CA job cuts

December 14, 2007

By COCO SALAZAR

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 MortgageDaily.com. 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.


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