|
|||
More mortgage layoffs were disclosed by Washington Mutual Inc. — which is consolidating its subprime processing operations as a result sinking volume.
“As a result of the changing subprime market,” the Seattle-based thrift will be laying off approximately 210 employees, WaMu spokeswoman Olivia Riley told MortgageDaily.com via e-mail statements. About 110 of the layoffs will come from the closure of a subprime loan fulfillment center in Itsaca, Ill., and the other 100 will result from the previously-reported shutdown of a similar center in Dublin, Calif., according to the statements. WaMu initially told MortgageDaily.com the Dublin office closure would result in about 120 layoffs and reflected “both reduced subprime volume and a continuing program of increasing efficiency by consolidating back-office support space nationally.” The lender originally notified the Illinois Department of Commerce and Economic Opportunity there would be 140 Itsaca layoffs. Riley expects the work from Itsaca and Dublin to be transferred to two remaining subprime fulfillment centers in Anaheim, Calif., and Denver, Colo. Where possible, WaMu said it will help the affected subprime employees find jobs within the company. Different groups of employees will be laid off on different dates, but most of the jobs will end Aug. 1, Riley said. Following a 57-percent plunge to $3.48 billion in WaMu’s subprime volume during the first three months of the year, the second quarter held the completion of 250 Long Beach Mortgage loan fulfillment job cuts and about 60 mortgage records center layoffs in Houston, Texas. Related: Subprime Decline, Layoffs at WaMu |
FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.
Amortization Calculator
Affordability Calculator
Mortgage Calculator
Refinance Calculator
FHA Mortgage Calculator
VA Mortgage Calculator
Real Estate Calculator
Tags
Pre-Approval Resources!
Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…
Resource Center
Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.
TOP SEARCHED TOPICS
Your mortgages approval starts here.
Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.
Stay Up To Date with Today’s Latest Rates
Mortgage
Today’s rates starting at
Home Refinance
Today’s rates starting at
Home Equity
Today’s rates starting at
HELOC
Today’s rates starting at