Mortgage Daily Logo
mortgage news from industry experts

ResCap Closing Offices

ResCap Closing Offices185 total layoffs in 3 states

August 13, 2008

By staff

Residential Capital LLC is closing two offices and eliminating more wholesale and retail positions.

A Worker Adjustment and Retraining Notification filed with the Washington Employment Security Department yesterday indicated 60 employees will be laid off on Oct. 1. The layoffs will occur at a facility in Bellevue.

Company spokeswoman Jeannine Bruin told in an interview that the layoffs involve wholesale positions at the Homecomings Financial LLC unit. The location is being closed and the operations are being shifted to a Dallas facility.

Bruin said another 29 Phoenix retail employees were laid off on Aug. 8 as part of a reduction there “because of a decline in market demand.”

Last week, Michigan’s Department of Labor and Economic Growth was notified that 73 employees would be laid off in Troy beginning on Oct. 3 and concluding by Dec. 31.

Bruin indicated that the number of layoffs in Troy was increased to 80 and involved both retail and Homecomings wholesale employees. She noted the Troy office is being closed and the work being shifted to Fort Washington, Penn.

“At this point we don’t anticipate having to add additional resources in Dallas or Fort Washington,” Bruin stated. “But we’re monitoring the situation.”

Including the Michigan layoffs, 185 jobs are being eliminated in the latest round.

“We need to find the most efficient and streamline model to operate in the current … environment,” she added.

ResCap Layoffs

Date Reported
August 5, 2008 GMAC Mortgage LLC
June 20, 2008 ResCap
Oct. 17, 2007
May 4, 2007
Jan. 17, 2007

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