Capital One is planning to lay off another 286 employees from its Plano, Texas, campus as it continues to terminate its mortgage lending and home equity operations.

According to Dallas Business Journal, the company's exit from the mortgage lending space is a result of the rising interest rate environment and high home prices freezing homebuyer demand.

The 286 layoffs are in addition to 950 employees the company previously laid off in November. A small percentage of former employees moved on to Flagstar Bank.

This latest round of cuts comes from a deal Capital One made in May to sell its $17 billion portfolio of existing home loans to DLJ Mortgage Capital, a Capital One spokesperson told DBJ.

“As always, our focus remains on supporting our associates during this time,” the spokesperson said in an email.

The layoffs are set to take place in October.

Most Popular Articles

FHA loan limits increasing for almost all of U.S. in 2020

Thanks to increases in home prices in 2019, the Federal Housing Administration loan limit will increase for nearly all of the country in 2020.

Dec 05, 2019 By

Latest Articles

HousingWire is growing. Come join us

2019 has been a year of tremendous audience and product growth for HousingWire and we couldn’t be prouder. But we’re not ready to rest on our laurels. Far from it. In fact, 2020 promises to be an even bigger year for HousingWire.

Dec 06, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please