Items Tagged with 'Layoff'


  • [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.
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  • Wells Fargo lays off 63 mortgage employees in Maryland

    Second round of layoffs announced this month
    Wells Fargo announced its Frederick, Maryland-based office will lose 63 mortgage employees by Aug. 19, according to an article by Holden Wilen for the Baltimore Business Journal. This is the big bank's second announcement of mortgage layoffs this month.
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  • Guaranteed Rate laying off 180 employees, plans to hire 1,500 more

    Cutting less than 5% of total workforce
    Guaranteed Rate plans on laying off approximately 180 employees as part of a move to “rebalance” its organization, Crain’s Chicago Business reported recently. But in a statement provided to HousingWire, Guaranteed Rate said the layoffs, while unfortunate, will position the company to grow even more this year.
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  • Movement Mortgage after company layoffs: We are not reducing our staff

    Lays off 75 employees, but total employment increased by 201 jobs
    Monday, reports began to circulate across news outlets that last week, Movement Mortgage quietly laid off 75 of its employees from various offices across the U.S. However, the company explained that it is not reducing its staff, and its overall employment increased by 201 net jobs over the past 12 months.
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  • Growing pains for SoFi? Online lender lays off mortgage staffers

    Cutting 5% of its total staff
    It appears that SoFi is suffering a bit of growing pains as it pushes to expand its mortgage lending operation.Last week, Bloomberg reported that SoFi was buying the engineering and product teams of Clara Lending, a mortgage startup founded in 2010. But as those new staffers come in, other staffers are being let go.
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  • Wells Fargo lays off 60 staff members from mortgage unit

    But currently looking to hire 1,500 for mortgage-related roles
    Wells Fargo recently laid off about 60 of its employees from the bank’s giant mortgage division. But the layoffs do not appear to be any kind of scale back by Wells Fargo, which is the largest U.S. mortgage lender by volume. Here’s what people close to the matter say.
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  • Capital One suddenly exits mortgage and home equity business

    Says mortgage business is too competitive
    Capital One announced Tuesday it is exiting the mortgage and home equity business immediately, just a few years after becoming a major player in the mortgage finance market. The sudden move will mean about 900 layoffs across the division, the majority of whom are in the Dallas area. Click the headline to see why Capital One says it’s leaving the mortgage industry.
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  • PHH laying off more employees in New York

    Cuts will leave company with 30 employees in region
    Given the headlines of late, it may be easy to forget that PHH Mortgage Corp’s landmark battle with the Consumer Financial Protection Bureau isn’t the only issue the company is facing. The company is also in the middle of a significant shift in its business, necessitated by substantial changes in its mortgage servicing operations.
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  • Wyndham Capital Mortgage lays off 20% of its employees

    'Appropriately aligns' lender with current market conditions
    Wyndham Capital Mortgage, which is based in Charlotte, North Carolina, recently laid off 78 staff members as part of an effort to “appropriately align” the company’s operations with the current market conditions. The cuts represent more than 20% of the company's employees.
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