For the third time this year, Movement Mortgage is cutting its workforce.
Movement announced Thursday that it is laying off 180 of its employees on Friday.
In a note from CEO Casey Crawford released late Thursday afternoon, the CEO explained that the lender is making the decision to cut staff “in response to a nationwide downturn in the housing and mortgage market.” The note cited lower mortgage origination forecasts for 2019, rising interest rates and low housing inventory among the reasons for the layoffs.
Movement Mortgage explained to HousingWire that the employees affected by the layoffs are not loan officers, rather they are members of its back office and operational support staff. The employees are based in Fort Mill, South Carolina; Tempe, Arizona; and Richmond and Norfolk, Virginia.
The company explained that the employees will receive a severance package that includes benefits.
“This was a very difficult decision because it affected teammates we love,” Crawford said. “We are incredibly grateful for their contributions. We believe we’re taking the necessary steps to continue to provide outstanding service for our customers, loan officers and communities long-term by adjusting to the reality of the mortgage business today. We’re prepared for the future and expect to continue making a positive impact in our industry, corporate culture and communities in the years ahead.”
As stated above, this isn't the first time Movement has cut its staff in anticipation of a slowing market. In June of this year, Movement laid off 100 employees across those same four locations. And in February, it cut 75 employees.