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[Exclusive] The Money Source abruptly lays off 60 people

Says layoffs will help its growth

Mortgage lender The Money Source abruptly laid off 60 staff members Monday, a source close to the matter told HousingWire.

The move seems to contradict TMS’ plan to grow its servicing portfolio to more than one million loans by 2022. But the company said these layoffs will actually encourage its growth and are part of an organizational change, sources told HousingWire.

According to one of the staff members who was laid off, 60 employees from across the U.S. were abruptly given five minutes to join a webinar meeting, where they were all laid off.

“This year has been a defining year as we position ourselves as a total homeownership fintech company,” said TMS CEO Darius Mirshahzadeh in a company-wide call Monday morning. “The changes in leadership align with our goal to have the customer at the center of everything we do – from buying and selling their home through their final mortgage payment and everywhere in between.”

TMS explained to HousingWire it reduced its staff of 755 employees by 60, but kept all of its lines of business, including wholesale, servicing, retail and correspondent. The company also explained that despite these layoffs, it still plans on exceeding its 2017 volumes for every line of business in 2018.

And even as it laid off 6% of its staff, it also promoted new leadership, promoting Barbara Yolles to chief strategy officer and Pete Sokolovic to president of originations.

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