In addition to some of the high-profile rounds of mortgage layoffs previously reported, a stream of less prominent staff reductions are beginning to add up for the industry.
In
August, Wells Fargo & Co. disclosed that it was eliminating 638 mortgage positions. While details about impacted locations were initially sparse, reports subsequently emerged providing a clearer picture.
In a filing with the Maryland Department of Labor, Licensing & Regulation as required by the Worker Adjustment and Retraining Notification Act, Wells revealed that 43 of the layoffs were in Frederick.
A WARN filed with the Iowa Workforce Development said 25 layoffs were in West Des Moines.
The Sacramento Bee reported that another 190 of the job cuts were in Rancho Cordova, California. Orlando, Florida, was the location of 137, according to the Orlando Sentinel.
In Colorado Springs, Colorado, 55 people lost their jobs, The Gazette said in an article.
The Billings Gazette reported that 25 layoffs were in Billings, Montana.
In June, a Dallas-area employee who was laid off from Pacific Union Financial
LLC told Mortgage Daily that the firm laid off around a hundred employees. A company spokesman ignored a request to comment on the layoffs.
Last year, El Paso, Texas, was working on a deal with Pacific Union that would have brought nearly 700 jobs to the city over five years. But a report in July from the El Paso Times indicated that
the call center has been closed and around 40 people lost their jobs.
Marketplace lender Social Finance Inc. disclosed in January that it would reduce its staff of 1,300 by 65 primarily mortgage positions, the Wall Street Journal reported. The jobs were in
Healdsburg, Calif., and Cottonwood Heights, Utah.
Sixty of The Money Source Inc.’s 755 employees were laid off during July, HousingWire reported.
In Des Moines, Iowa, 54 employees were laid off from “Nationwide – Mortgage Division” on April 2, according to a WARN filing.
The Des Moines Register reported that the job cuts came as servicing was transfered to third parties.
LenderLive filed a WARN notice with the Michigan Workforce Development Agency indicating that it is laying off 45 employees. The job cuts will take place around Nov. 19, when the facility is closed.
Impacted LenderLive employees are in Madison Heights and include underwriters, processors and post-closing positions. Work performed at the facility will be moved to Jacksonville, Florida, and Denver, where it is based.
Citigroup Inc. is eliminating 116 jobs on Sept. 28 in Urbandale, Iowa, a WARN filings in that state said.
WARN filings with the Texas Workforce Commission said JPMorgan Chase & Co. will lay off 102 people in Houston on Nov. 12; Bank of America Corp. cut 87 jobs in Fort Worth, Texas, during June; and
CIT Bank, N.A., eliminated 50 Austin employees in during March.
