Pink slips will arrive for 58 employees working in the mortgage business at Texana Bank in California, according to a Worker Adjustment Retraining Notification (WARN) sent to the state’s Employment Development Department.
Lauren Witherspoon, director of human resources, wrote: “Circumstances will force Texana Bank to conduct layoffs,” taking place Sept. 5, according to the document reviewed by HousingWire.
The layoffs include loan officers, underwriters, processors, post-closing and secondary market staff. Employees on the technology, marketing and human resources teams are on the list. The workforce reduction reaches junior positions and vice-presidents.
Founded in 1914 in Linden, Texas, Texana Bank offers personal and business banking services through four full-service branches in East Texas, two branches in Arkansas, and several mortgage offices.
The bank offers conventional loans, FHA, VA, USDA, construction, bridge loan, cash-out refis, home equity, land and mobile home loans, according to its website.
HousingWire sent an email to Witherspoon seeking additional details, such as the reason for the layoffs, but did not immediately get a response.
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Industry observers expect staff eliminations in mortgage companies to continue as volume falls.
Among depositary lenders, an example is Wells Fargo laying off 125 employees in its home lending division in Iowa by the end of August. The bank eliminated 72 mortgage jobs in Iowa across earlier layoffs.
Regarding nonbank lenders, Pennymac, Mr. Cooper, loanDepot, Guaranteed Rate, Fairway Independent Mortgage, Interfirst Mortgage Co., Movement Mortgage, New Rez/Caliber and Better.com have conducted at least one round of workforce reductions this year.