Mortgage Daily Logo
mortgage news from industry experts

Nonprime Layoffs at WaMu

Nonprime Layoffs at WaMu

Long Beach laying off 82

August 9, 2006

By COCO SALAZAR

photo of Coco Salazar
Washington Mutual will layoff more employees when it closes a Florida office of its subprime unit.

The Long Beach Mortgage Co. operations site in Plantation will close and eliminate 82 back-office support positions, spokeswoman Olivia Riley told MortgageDaily.com in e-mail statements.

WaMu notified the employees last week and expects the layoffs to occur by Oct. 1, according to the statements.

“This decision supports an ongoing strategy that we have been talking about for over 8 months,” Riley said. “Since last November, Washington Mutual has been implementing its plans for several initiatives that will help the company operate more efficiently.”

So far in the year, at least 4,500 other mortgage job cuts have been reported. The layoffs have involved employees in mortgage processing, correspondent lending, call center and real estate appraisal. WaMu transferred some of the work overseas.

Another recent move toward more efficiency was the Seattle-based thrift’s recent agreement to sell to Wells Fargo & Co. a $140 billion servicing portfolio of 1.3 million loans.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com

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