Banks warily optimistic on mortgages but volatile rates a concern
Some lenders are once again hiring mortgage lenders, but memories of the painful staffing cuts they were forced to make over the past two years remain top of mind.
Layoffs
First Guaranty lays off 15% of workforce, cuts dividend in half
The Hammond, Louisiana, company, which announced changes to its business strategy, cut 71 jobs and reduced its dividend to 8 cents per share.
Republic First to quit mortgages, scale back lending in NYC
The Philadelphia-based company will eliminate an undisclosed number of jobs as part of a plan to refocus on core business lines and markets, CEO Thomas Geisel said.
JPMorgan Chase makes cuts to its home lending division
The bank was already mulling headcount and compensation reductions in early September.
Rocket Mortgage cuts 50 positions
The layoff round, which a spokesperson said represents "less than one quarter of one percent of the roles in the company," comes after Rocket announced a 20-person reduction in the marketing team in early January.
LendingClub cuts 225 employees, including C-suite executive
The fintech is also relying more heavily on its bank charter as rising interest rates make selling loans to investors more challenging.
AmeriFirst Financial stopped funding loans in December
The Arizona-based lender has been in business for 35 years and has branches in over 20 states.
AmeriFirst Home Mortgage to cut 59 workers
The firm said it would still originate and service loans out of the office where the cost-cutting measures will occur.
PennyMac, Radian and others announce more layoffs
The firms trimming payroll include lenders, a mortgage insurance giant, an iBuyer and an online notarization software provider.
HomeStreet acquiesces to activist investor, will sell mortgage unit
HomeStreet Bank will attempt to sell its stand-alone mortgage business and portfolio of servicing rights, a move that comes amid growing pressure from an activist investor to exit home lending and concerns about declining demand and regulatory challenges.
