Mortgage layoffs in 2022 and 2023: a list
February 23, 2022 9:00 AM
Yakobchuk Olena - stock.adobe.co
Mortgage professionals across the industry are in a precarious position as lenders, servicers and technology providers are reckoning with the market’s current downswing.
Companies have let go a combined thousands of employees, citing common refrains fromnear 30-year-high interest rates, to declining origination and refinance activity and general economic uncertainty anticipated in the next year-and-a-half.
The widespread layoffs in the first half of 2022 have already dismantled a few mortgage companies – some which have closed lending channels or exited the market altogether, and at least one which has declared bankruptcy. The indsutrywide shakeup is the first since 2018, when firms cut jobs in response to acycle of reduced homebuying demand .
Businesses from the nation’s largest originators to mortgage fintechs coming off waves of investment have all undertaken layoffs of varying severity. These are the companies who have confirmed layoffs, so far, in 2022 and 2023.
Companies have let go a combined thousands of employees, citing common refrains from
The widespread layoffs in the first half of 2022 have already dismantled a few mortgage companies – some which have closed lending channels or exited the market altogether, and at least one which has declared bankruptcy. The indsutrywide shakeup is the first since 2018, when firms cut jobs in response to a
Businesses from the nation’s largest originators to mortgage fintechs coming off waves of investment have all undertaken layoffs of varying severity. These are the companies who have confirmed layoffs, so far, in 2022 and 2023.
BANKS
Banco Santander
U.S. Headquarters: Boston
Number of impacted employees: 254
Layoff date: April 8
The Spanish banking giant in Februaryended its U.S. residential mortgage lending operations, cutting 211 workers in East Providence and an additional 53 in Conshohocken, Pennsylvania in the Philadelphia region. The lender is downsizing its overall Northeast U.S. branch footprint, and said it will focus on growing its U.S. auto lending and consumer lending segments.
Number of impacted employees: 254
Layoff date: April 8
The Spanish banking giant in February
BayFirst Financial Corp.
Headquarters: St. Petersburg, Florida
Number of impacted employees: 58
Layoff date: Nov. 25
The depository announced in September plans to shut downits nationwide network of loan production offices, citing declining mortgage volumes. The bank will continue to originate residential loans in Florida markets. November's layoff will impact all of BayFirst's mortgage employees at the company's Clearwater, Florida office, according to Worker Adjustment and Retraining Notifications filed in multiple states.
Number of impacted employees: 58
Layoff date: Nov. 25
The depository announced in September plans to shut down
Citigroup
Headquarters: New York City
Number of impacted employees: Undisclosed
Layoff date: Summer
The major bank cut less than 100 positions,it confirmed in September. Citigroup's U.S. retail bank originated $7.2 billion in mortgages in the first half of 2022, a 15% decline over the same period last year.
Citigroupcut hundreds of more jobs at the beginning of March, including an undisclosed number of staffers in the bank's mortgage underwriting arm.
Number of impacted employees: Undisclosed
Layoff date: Summer
The major bank cut less than 100 positions,
Citigroup
FirstBank and Real Genius
Headquarters: Nashville, Tennessee
Number of impacted employees: 109
Layoff date: July 15
FirstBank, a subsidiary of FB Financial,spent between $11 million and $13 million to shut down its direct-to-consumer channel RealGenius in July. The move includes the closing of a 74-member Charlotte, North Carolina office and 35 more employees in South Carolina, according to WARN notices.
Number of impacted employees: 109
Layoff date: July 15
FirstBank, a subsidiary of FB Financial,
Flagstar Bank
Headquarters: Troy, Michigan
Number of impacted employees: 420
Layoff Date: First quarter
The Troy, Michigan lender reduced its mortgage staffby 20% through layoffs and attrition since the beginning of the year, it confirmed in April.
Number of impacted employees: 420
Layoff Date: First quarter
The Troy, Michigan lender reduced its mortgage staff
JP Morgan Chase
Headquarters: New York City
Number of impacted employees: Over 1,000
Layoff date: June, February 2023
The banking giant laid off hundreds of home lending employees andreassigned hundreds more a week after the Federal Reserve announced a 75 basis point interest rate hike.
JP Morgan Chaseterminated hundreds of employees in its home lending division Feb. 22, it confirmed, although it would not detail the exact number of personnel impacted.
Number of impacted employees: Over 1,000
Layoff date: June, February 2023
The banking giant laid off hundreds of home lending employees and
JP Morgan Chase
North American Savings Bank
Headquarters: Kansas City, Missouri
Number of impacted employees: undisclosed
Layoff date: January 2023
The Midwest lender announced the layoffs as part of itsshutdown of its mortgage lending operations . North American Savings Bank Financial's lending exit is expected to cost the firm $3.8 million to $4.6 million in pretax charges in the second quarter of 2023, 40% of which will be personnel costs. Another 40% of those charges is expected to consist of contractual terminations.
Number of impacted employees: undisclosed
Layoff date: January 2023
The Midwest lender announced the layoffs as part of its
SoFi Technologies
Headquarters: San Francisco, California
Number of impacted employees: undisclosed
Layoff date: February 2023
The fintech with a bank charter disclosed the cuts impacting technology workersmaking up less than 5% of the firm's total employee base during a fourth quarter earnings conference call.
Number of impacted employees: undisclosed
Layoff date: February 2023
The fintech with a bank charter disclosed the cuts impacting technology workers
Texana Bank
Headquarters: Texarkana, Texas
Number of impacted employees: 58
Layoff date: Sept. 5
The lender with branches across East Texas and Arkansas is cuttingvarious mortgage professionals at its Irvine, California office, according to a WARN notice filed in mid-July. Impacted workers include 22 mortgage loan officers and 10 senior mortgage loan processors, as well as four vice presidents overseeing mortgage operations.
Number of impacted employees: 58
Layoff date: Sept. 5
The lender with branches across East Texas and Arkansas is cutting
USAA Federal Savings Bank
Headquarters: San Antonio, Texas
Number of impacted employees: Over 90
Layoff date: April
The financial services provider for current and former military families cut staff from its mortgage department weeks after the Federal Reserve’s indication in March that it would raise interest rates,the San Antonio Express-News reported .
Number of impacted employees: Over 90
Layoff date: April
The financial services provider for current and former military families cut staff from its mortgage department weeks after the Federal Reserve’s indication in March that it would raise interest rates,
Wells Fargo
Headquarters: San Francisco, California
Number of impacted employees: Over 800
Layoff date: Ongoing
The nation’s leading bank mortgage originator began cuts in Aprilafter reporting a 33% year-over-year decline in origination volume over the first three months of the year. Wells hasn’t confirmed the exact number of employees being let go, although at least 197 have been targeted for layoffs in the Des Moines area, where the bank’s mortgage division is based. Another 32 bank employees in California have been laid off, according to WARN notices.
The depository shed hundreds of additional mortgage employees across the country Dec. 1 in response to the Federal Reserve's ongoing interest rate hikes slowing mortgage activity,Bloomberg reported . Wells has not disclosed exactly how many employees were impacted.
In January, Wells Fargo announced that it was pulling out of correspondent lending. As a result, 140 employees were let go from its home lending division. In February, the firmcut more than 500 employees , according to a Bloomberg report.
Number of impacted employees: Over 800
Layoff date: Ongoing
The nation’s leading bank mortgage originator began cuts in April
The depository shed hundreds of additional mortgage employees across the country Dec. 1 in response to the Federal Reserve's ongoing interest rate hikes slowing mortgage activity,
In January, Wells Fargo announced that it was pulling out of correspondent lending. As a result, 140 employees were let go from its home lending division. In February, the firm
NONBANK LENDERS
Angel Oak Mortgage Solutions
Headquarters: Atlanta, Georgia
Number of impacted employees: 75
Layoff date: September
The business under the Angel Oak Cos. umbrellashed 20% of its staff to meet current and anticipated non-QM loan demand, it said in a statement. Angel Oak Mortgage Solutions originates non-QM loans through brokers and correspondents. Its sister company, Angel Oak Home Loans, a full-service retail originator of non-QM mortgages, meanwhile opened several new branches this year.
Number of impacted employees: 75
Layoff date: September
The business under the Angel Oak Cos. umbrella
AmeriFirst Home Mortgage
Headquarters: Kalamazoo, Michigan
Number of impacted employees: 59
Layoff date: Feb. 12, 2023
The lender and servicer, which wasacquired by Union Home Mortgage in December , will lay off at least eight managers among other workers at its Portage, Michigan office, it disclosed in a WARN. The company counted 963 employees at the beginning of the year and has branches in 20 states coast to coast.
Number of impacted employees: 59
Layoff date: Feb. 12, 2023
The lender and servicer, which was
AmeriSave Mortgage Corp.
Headquarters: Atlanta, Georgia
Number of impacted employees: Undisclosed
Date of layoff: September
The lender is shutting its AmeriSave Wholesale Mortgage Solutions arm, no longer accepting loans, andclosing and funding its remaining pipeline by the end of October. The move included layoffs, according to LinkedIn posts by former employees, but the company didn't disclose the number of staff impacted.
Number of impacted employees: Undisclosed
Date of layoff: September
The lender is shutting its AmeriSave Wholesale Mortgage Solutions arm, no longer accepting loans, and
Better.com
Headquarters: New York City
Number of impacted employees: Over 3,000
Layoff dates: December 1, March 8, April 19, August 26
The digital lender hascut approximately 72% of its workforce in four layoff rounds since CEO Vishal Garg's Zoom firing of 900 employees in December. Between the layoffs, Better has also offered voluntary buyouts to an undisclosed number of employees in both the U.S. and India. The company's merger with a special purpose acquisition company is in jeopardy, the sides admitted in late August, and Better remains under scrutiny from both a federal lawsuit and Securities and Exchange Commission probe.
Number of impacted employees: Over 3,000
Layoff dates: December 1, March 8, April 19, August 26
The digital lender has
Civic Financial Services
Headquarters: Redondo Beach, California
Number of impacted employees: Approximately 200
Layoff Date: February 2023
Parent company PacWest Bancorpannounced the cuts at its residential real estate investor lender it bought in 2021. Civic's loans made up around 10% of PacWest's earning assets last year.
The layoffs are expected to save PacWest about $30 million to $40 million a year, it disclosed in a Securities and Exchange Commission filing. PacWest executives are also taking over most of Civic's management functions and reducing the number of loan products it offers.
Number of impacted employees: Approximately 200
Layoff Date: February 2023
Parent company PacWest Bancorp
The layoffs are expected to save PacWest about $30 million to $40 million a year, it disclosed in a Securities and Exchange Commission filing. PacWest executives are also taking over most of Civic's management functions and reducing the number of loan products it offers.
Divvy Homes
Headquarters: San Francisco, California
Number of impacted employees: 40
Layoff date: September
The rent-to-own startup cut 12% of its workforce, according toa report by The Information . The company buys a home and rents it back to tenants, allowing them to accumulate a down payment and apply for a mortgage or walk from the property after a three-year period. Divvy, which operates in 15 metro areas in nine states, secured $735 million in combined debt facilities last year and raised $200 million in a Series D funding round.
Number of impacted employees: 40
Layoff date: September
The rent-to-own startup cut 12% of its workforce, according to
Envoy Mortgage
Headquarters: Houston, Texas
Number of impacted employees: Unknown
Layoff date: Mid-November
The lender had its third round of layoffs in the week before Thanksgiving, former employeestold National Mortgage News . Envoy cut close to 30% of its corporate office employees, sources said, and likely now has less than 1,000 workers. Full-time employees also allegedly had a mandatory pay cut of 20%.
Number of impacted employees: Unknown
Layoff date: Mid-November
The lender had its third round of layoffs in the week before Thanksgiving, former employees
Finance of America
Headquarters: Conshohocken, Pennsylvania
Number of impacted employees: At least 144
Layoff date: November through October 2023
The lender is ending its forward mortgage originations by the end of the year, a massive cost-cutting move that will terminate an undisclosed number of employees. At least 101 employees will be laid off between Nov. 1 and April 3, 2023, according to a Worker Adjustment and Retraining Notification filed in Pennsylvania. In January, the firm indicated another 43 workers to be laid off between April and October 2023.
FOA said it estimatesapproximately $12 million to $18 million in pre-tax charges for employee severance, retention and related benefits. The company earlier this year said it reduced its headcount and expenses by 20% and hinted in August at cuts that would save it over $100 million in 2022.
Number of impacted employees: At least 144
Layoff date: November through October 2023
The lender is ending its forward mortgage originations by the end of the year, a massive cost-cutting move that will terminate an undisclosed number of employees. At least 101 employees will be laid off between Nov. 1 and April 3, 2023, according to a Worker Adjustment and Retraining Notification filed in Pennsylvania. In January, the firm indicated another 43 workers to be laid off between April and October 2023.
FOA said it estimates
First Guaranty Mortgage Corporation
Headquarters: Plano, Texas
Number of impacted employees: 471
Layoff date: June 24
The PIMCO-backed firm cut almost 80% of its workforce, allegedly in a brief Microsoft Teams message,days before filing for Chapter 11 protection, attributing its collapse to significant mortgage revenue losses. The company on July 1 received a federal judge’s permission to borrow $11 million to fund its bankruptcy case as it continues to close approved consumer loans and support past due and current employee and vendor payments.
Number of impacted employees: 471
Layoff date: June 24
The PIMCO-backed firm cut almost 80% of its workforce, allegedly in a brief Microsoft Teams message,
Genpact Mortgage Services
Number of impacted employees: 14
Headquarters: Irvine, California
Date of Layoff: Jan. 31
The technology vendor which provides mortgage processing servicesdisclosed its layoff in a California WARN notice in November.
Headquarters: Irvine, California
Date of Layoff: Jan. 31
The technology vendor which provides mortgage processing services
Guild Holdings
Headquarters: San Diego, California
Number of impacted employees: Unknown
Layoff date: Ongoing
The parent company of lender and servicer Guild Mortgage laid off an unspecified number of employees over the first half of the year that will save it $40 million on an annualized basis,executives said in a second quarter earnings conference call. At the same time, company leaders said Guild is receiving increased interest from experienced loan officers and teams impacted by other industry layoffs.
Number of impacted employees: Unknown
Layoff date: Ongoing
The parent company of lender and servicer Guild Mortgage laid off an unspecified number of employees over the first half of the year that will save it $40 million on an annualized basis,
Home Point Financial
Headquarters: Ann Arbor, Michigan
Number of impacted employees: More than 500
Date of layoff: November, February 2023
The company's lender subsidiary islaying off hundreds employees to save over $100 million per year, it said in September. The number of impacted workers was revealed in a Texas Worker Adjustment and Retraining Notification. Home Point Financial reported a $44 million net loss in the second quarter brought on by market factors including competitive wholesale pricing.
The lender laid off more employeesin early February , with estimates up to 350 to 400 positions impacted.
Number of impacted employees: More than 500
Date of layoff: November, February 2023
The company's lender subsidiary is
The lender laid off more employees
Homeward
Headquarters: Austin, Texas
Number of impacted employees: Unknown
Layoff date: Aug. 10
The cash offer startup founded in 2018 said it cut 20% of its workforce of approximately 500 employees, according to LinkedIn. Homeward, which operates in seven states, had its strongest month ever in May but subsequent reduced mortgage demand led the company to cut staff to meet new growth projections, CEO and founder Tim Heyl said in a blog post.
Number of impacted employees: Unknown
Layoff date: Aug. 10
The cash offer startup founded in 2018 said it cut 20% of its workforce of approximately 500 employees, according to LinkedIn. Homeward, which operates in seven states, had its strongest month ever in May but subsequent reduced mortgage demand led the company to cut staff to meet new growth projections, CEO and founder Tim Heyl said in a blog post.
Inlanta Mortgage
Headquarters: Pewaukee, Wisconsin
Number of impacted employees: 62
Layoff date: December 2022 through April 2023
The lender in anotice to state officials said it would close its Pewaukee, Wisconsin office because of "unforeseeable business conditions" brought on by the dramatic decline in mortgage volume, Inlanta President and CEO Paul Buege wrote. The layoffs are contingent upon the finalization of its acquisition by an unnamed third-party purchaser, he wrote; that buyer turned out to be San Diego-based Guild Mortgage.
The Pewaukee office shutdown will impact 62 employees and workers will be laid off in several rounds beginning Dec. 2, according to the notice.
Number of impacted employees: 62
Layoff date: December 2022 through April 2023
The lender in a
The Pewaukee office shutdown will impact 62 employees and workers will be laid off in several rounds beginning Dec. 2, according to the notice.
Interactive Mortgage
Headquarters: Orange, California
Number of impacted employees: 51
Layoff date: April 7
WinnPointe Corp., doing business as Interactive, revealed its layoff in a California WARN notice. The lender is licensed in Arizona, California, Colorado, Tennessee and Texas.
Number of impacted employees: 51
Layoff date: April 7
WinnPointe Corp., doing business as Interactive, revealed its layoff in a California WARN notice. The lender is licensed in Arizona, California, Colorado, Tennessee and Texas.
Interfirst Mortgage Company
Headquarters: Rosemont, Illinois
Number of impacted employees: 223
Layoff dates: Jan. 21, May 13
The company laid off 77 workers in January at a Charlotte, North Carolina office and 147 out of its Chicago-area office, according to WARN notices. The company is licensed to do business in 40 states and Washington, D.C.
Number of impacted employees: 223
Layoff dates: Jan. 21, May 13
The company laid off 77 workers in January at a Charlotte, North Carolina office and 147 out of its Chicago-area office, according to WARN notices. The company is licensed to do business in 40 states and Washington, D.C.
Knock
Headquarters: New York City
Number of impacted employees: Undisclosed
Layoff date: Mid-March
The fintech that offers buy-before-you-sell and cash offer programs scrapped plans for an initial public offering in March and laid off 46% of its approximately 250 member workforce. The company at the same time secured $220 million in funding including $70 million in equity and $150 million in new debt, a figure co-founder and CEO Sean Black said was far less than its anticipated $2 billion public valuation.
Number of impacted employees: Undisclosed
Layoff date: Mid-March
The fintech that offers buy-before-you-sell and cash offer programs scrapped plans for an initial public offering in March and laid off 46% of its approximately 250 member workforce. The company at the same time secured $220 million in funding including $70 million in equity and $150 million in new debt, a figure co-founder and CEO Sean Black said was far less than its anticipated $2 billion public valuation.
LoanDepot
Headquarters: Foothill Ranch, California
Number of impacted employees: At least 4,800
Layoff date: Ongoing
The nonbank lending and servicing giant unveiled athree-year restructuring plan in July in which it expects to cut its workforce to 6,500 employees by the end of this year from a high of 11,300 staff in 2021. Company leaders in a second quarter earnings conference call said Guild is shutting its wholesale channel and the layoffs would be deeper than initially projected, although they declined to elaborate on the final headcount.
Number of impacted employees: At least 4,800
Layoff date: Ongoing
The nonbank lending and servicing giant unveiled a
Lower
Headquarters: Columbia, Maryland
Number of impacted employees: Undisclosed
Layoff date: October
The Ohio-based fintech lender laid off workers in a few areas of the company including refinance teams, a spokesperson told National Mortgage News. The move was first reported byColumbus Business First .
Lower said it made the move to weather the Federal Reserve's impending rate hikes. The lender said the size of the layoff didn't trigger Ohio's Worker Adjustment and Retraining Notification requirement.
Number of impacted employees: Undisclosed
Layoff date: October
The Ohio-based fintech lender laid off workers in a few areas of the company including refinance teams, a spokesperson told National Mortgage News. The move was first reported by
Lower said it made the move to weather the Federal Reserve's impending rate hikes. The lender said the size of the layoff didn't trigger Ohio's Worker Adjustment and Retraining Notification requirement.
Mr. Cooper
Headquarters: Coppell, Texas
Number of impacted employees: approximately 1,470
Date of Layoffs: First quarter, July 18, November
The company, which filed a California WARN notice under its former Nationstar Mortgage name, cut approximately 250 workers during the first three months of the year. Itsimpending July layoff will include approximately 420 staff members, or 5% of its total employee base, including 16% of its California workforce.
In November, Mr. Cooper announced it would slashapproximately 800 positions , a move it called a "disciplined" and "proactive step to scale back the origination business."
Number of impacted employees: approximately 1,470
Date of Layoffs: First quarter, July 18, November
The company, which filed a California WARN notice under its former Nationstar Mortgage name, cut approximately 250 workers during the first three months of the year. Its
In November, Mr. Cooper announced it would slash
New American Funding
Headquarters: Tustin, California
Number of impacted employees: 941
Layoff date: First half of 2022, November
The lender and servicer, which ended 2021 with approximately 4,500 employees, has cut941 total workers since the beginning of the year, it said after another layoff round in November. The firm's rate-and-term percentage fell from about 85% of NAF's business last year to about 10%, and the company made monthly small headcount reductions beginning in January, co-founder and CEO Rick Arvielo told National Mortgage News.
Number of impacted employees: 941
Layoff date: First half of 2022, November
The lender and servicer, which ended 2021 with approximately 4,500 employees, has cut
Open Mortgage
Headquarters: Austin, Texas
Number of impacted employees: At least 14
Date of Layoffs: First half of 2022
The multi-channel lender undertook two small rounds of layoffs impacting forward mortgage operations and reverse mortgage operations staff, CEO Scott Gordon told Reverse Mortgage Daily.
Number of impacted employees: At least 14
Date of Layoffs: First half of 2022
The multi-channel lender undertook two small rounds of layoffs impacting forward mortgage operations and reverse mortgage operations staff, CEO Scott Gordon told Reverse Mortgage Daily.
Orchard
Headquarters: New York City
Number of impacted employees: At least 280
Layoff date: June 23, November 18
The company formerly known as Perch laid off employeesacross its mortgage, title and insurance platforms in June anticipation of a difficult economic climate in the next year-and-a-half, its CEO and founder Court Cunningham said. Despite the move, the company, which achieved unicorn status last year with an over $1 billion valuation, at the time said it will continue to hire and invest in its Orchard Home Loans arm, which operates in 10 states.
Orchard undertook another layoff round in November,cutting 180 employees ahead of a dim mortgage market forecast for the coming year. The company didn't say whether it would file a WARN report regarding the mass termination.
Number of impacted employees: At least 280
Layoff date: June 23, November 18
The company formerly known as Perch laid off employees
Orchard undertook another layoff round in November,
Owning Corp
Headquarters: Orange, California
Number of impacted employees: 189
Layoff date: February to April
The Guaranteed Rate-owned direct-to-consumer lender cut 51 mortgage specialists and 42 mortgage consultants, among the underwriters, closers and executives impacted, according to HousingWire.
Number of impacted employees: 189
Layoff date: February to April
The Guaranteed Rate-owned direct-to-consumer lender cut 51 mortgage specialists and 42 mortgage consultants, among the underwriters, closers and executives impacted, according to HousingWire.
PennyMac
Headquarters: Westlake Village, California
Number of impacted employees: 530
Layoff dates: May 6, June 27, July 8, July 18, Dec. 30, Jan. 17, 2023, Feb. 21, 2023
The lender has undertaken at least five rounds of layoffs according to California WARN notices, andaffected staff include workers in servicing and default departments. Among the Southern California cuts, 77 workers were cut at a Thousand Oaks office, while 52 were eliminated at a Moorpark location.
Number of impacted employees: 530
Layoff dates: May 6, June 27, July 8, July 18, Dec. 30, Jan. 17, 2023, Feb. 21, 2023
The lender has undertaken at least five rounds of layoffs according to California WARN notices, and
Prospect Financial Group
Headquarters: La Jolla, California
Number of impacted employees: 10
Date of Layoff: March 4
The company, which offers home loans as Prospect Home Finance,revealed the cuts in a California WARN notice in for a Friday termination. Prospect is licensed to do business in 21 states.
Number of impacted employees: 10
Date of Layoff: March 4
The company, which offers home loans as Prospect Home Finance,
Reverse Mortgage Funding
Headquarters: Bloomfield, New Jersey
Number of impacted employees: Approximately 400
Layoff date: Late November
The firm and its parent company Reverse Mortgage Investment Trust filed for Chapter 11 protection after suspending all origination activity earlier in November. Approximately 400 employees were laid off, according to a report, and the company now has 111 workers according to its bankruptcy filing. A WARN filed Nov. 29 in New York by the companyindicated 233 employees would be laid off, while a WARN in California posted Dec. 7 said 44 workers would be laid off from a Rancho Cordova location outside of Sacramento.
Number of impacted employees: Approximately 400
Layoff date: Late November
The firm and its parent company Reverse Mortgage Investment Trust filed for Chapter 11 protection after suspending all origination activity earlier in November. Approximately 400 employees were laid off, according to a report, and the company now has 111 workers according to its bankruptcy filing. A WARN filed Nov. 29 in New York by the company
Ribbon
Headquarters: New York, New York
Number of impacted employees: At least 136
Layoff date: July 28, mid-November
The cash-offer fintech trimmed its payroll because of market conditions, co-founder and CEO Shaival Shah in a public post in July. Impacted employeeswill receive two months of base salary and three months of COBRA coverage, along with an extended period to exercise shares. The startup, founded in 2017, has raised $625 million and operates in 16 states.
In November, Ribbon said it reduced its headcount tounder 30 employees , and paused its RibbonCash offering as it revamps its products ahead of 2023.
Number of impacted employees: At least 136
Layoff date: July 28, mid-November
The cash-offer fintech trimmed its payroll because of market conditions, co-founder and CEO Shaival Shah in a public post in July. Impacted employees
In November, Ribbon said it reduced its headcount to
Rocket Cos.
Headquarters: Detroit
Number of impacted employees: undisclosed
Date of voluntary buyouts: April, August, layoffs in mid-January 2023, July 2023
The nation’s top mortgage originator spent $61 million in the second quarter involuntary buyouts to 8% of Rocket Mortgage’s operations team and other groups in its Amrock title and valuation business, it said. Rocket Cos. issued a second, smaller voluntary buyout to an undisclosed number of employees across its multiple businesses in August.
In January 2023, the lenderlaid off approximately 70 employees , affecting less than one quarter of one percent of the company's staff, a spokesman said.
Before reporting its second quarter earnings in 2023, Rocket set into motionanother round of voluntary buyouts . The number of employees impacted was not disclosed, however, fiit seems that this offer was presented across numerous departments.
Number of impacted employees: undisclosed
Date of voluntary buyouts: April, August, layoffs in mid-January 2023, July 2023
The nation’s top mortgage originator spent $61 million in the second quarter in
In January 2023, the lender
Before reporting its second quarter earnings in 2023, Rocket set into motion
Ruoff Mortgage
Headquarters: Fort Wayne, Indiana
Number of impacted employees: At least 43
Layoff date: September
The nonbank lendercut 4.6% of its workforce because of the Federal Reserve's interest rate hikes impacting the mortgage market, it said in a statement. The Midwest firm counts over 70 retail locations, operates in 45 states and originated $5.445 billion in 2021.
Number of impacted employees: At least 43
Layoff date: September
The nonbank lender
Sprout Mortgage
Headquarters: East Meadow, New York
Number of impacted employees: 400
Layoff date: July 6
Sprout abruptly shut down in early July with an executive announcing the move in a brief video conference withover 300 employees , according to two former staff members suing the lender for an alleged three weeks of owed back pay. The company filed a WARN report in early August in Colorado indicating it let go 400 workers as part of its closure.
Number of impacted employees: 400
Layoff date: July 6
Sprout abruptly shut down in early July with an executive announcing the move in a brief video conference with
Stearns Lending
Headquarters: Lewisville, Texas
Number of impacted employees: 348
Layoff date: March 13
Guaranteed Rateeliminated Stearns’ entire wholesale channel just over a year after purchasing it in January 2021 . The company, once one of the nation’s largest wholesalers, was previously purchased out of bankruptcy by Blackstone in 2019.
Number of impacted employees: 348
Layoff date: March 13
Guaranteed Rate
Tomo Networks
Headquarters: Stamford, Connecticut
Number of impacted employees: 44
Date of layoff: May 31
The scoop: The Stamford, Connecticut-based fintech founded in 2020 by former Zillow executives cut approximately a third of its 144-person workforce at the end of May and willdial back expansion plans. Tomo claims a valuation of $640 million and operates in nine states.
Number of impacted employees: 44
Date of layoff: May 31
The scoop: The Stamford, Connecticut-based fintech founded in 2020 by former Zillow executives cut approximately a third of its 144-person workforce at the end of May and will
UpEquity
Headquarters: Austin, Texas
Number of impacted employees: At least 19
Layoff date: Mid-June, Dec. 7
The cash-offer financier which operates in 11 states cut processing, closing and training stafffrom its 93-person workforce , its co-founder and CEO Tim Herman told HousingWire. UpEquity, a self-described “power buyer” with both all-cash buying and buy-before-you-sell programs, cut its original $1 billion origination projection in 2022 to $500 million.
UpEquity laid offbetween 10 to 15 employees , or a quarter of its staff, on Dec. 7, according to multiple sources who requested anonymity. That cut allegedly included the firm's head of mortgage.
Number of impacted employees: At least 19
Layoff date: Mid-June, Dec. 7
The cash-offer financier which operates in 11 states cut processing, closing and training staff
UpEquity laid off
Wyndham Capital Mortgage
Headquarters: Charlotte, North Carolina
Number of impacted employees: 48
Layoff date: Aug. 1
The lender is terminating employees based out of its main office. Of thedeparting employees , 38 are hybrid and 10 are fully-remote, living outside of the Carolinas. The firm, which says it has 350 employees and operates in 47 states and Washington, D.C., funded over 19,500 loans and $6.5 billion in loan volume in 2021.
Number of impacted employees: 48
Layoff date: Aug. 1
The lender is terminating employees based out of its main office. Of the
MORTGAGE INSURANCE
Radian Group
Headquarters: Philadelphia, Pennsylvania
Number of impacted employees: 166
Layoff date: Dec. 31
The mortgage insurance giant said it made the cutsin response to current market conditions . Among impacted workers, 66 employees will be laid off at a Wayne, Pennsylvania office outside of Pittsburgh, and 100 staff will be let go at a Coraopolis, Pennsylvania location outside of Philadelphia. The company said its offering severance pay, benefits, outplacement services and job training to the affected workers.
Number of impacted employees: 166
Layoff date: Dec. 31
The mortgage insurance giant said it made the cuts
TITLE
Doma
Headquarters: San Francisco
Number of impacted employees: 825
Layoff date: July 8, first quarter of 2023
The title insurer will slashits payroll by 15%, including trimming its fulfillment organization by 28%, or 259 employees. The terminations are being made as the company refocuses its financial resources on “home purchase-focused strategic initiatives,” CEO Max Simkoff said in the company’s most recent earnings call.
Doma in December disclosed another layoff ofapproximately 515 employees , or 40% of its workforce, to be completed in the first quarter of 2023, according to a Securities and Exchange Commission filing. The terminations will generate compensation expense savings between $85 million to $90 million, the firm said.
Number of impacted employees: 825
Layoff date: July 8, first quarter of 2023
The title insurer will slash
Doma in December disclosed another layoff of
TECHNOLOGY
Blend Labs
Headquarters: San Francisco
Number of impacted employees: 440
Layoff date: April, August, January 2023
Blend laid off200 workers in the spring, and let go another 220 employees in August following a $477.2 million net loss in the second quarter. The company said it expects to save $60 million per year from the cuts.
The company undertook a significant layoff in January, sheddingapproximately 340 workers , or 28% of its staff. The "January Plan," as described in a Securities and Exchange Commission filing, is expected to reduce Blend's annual operating expenses by over $100 million at the end of this year relative to the third quarter of 2022.
Number of impacted employees: 440
Layoff date: April, August, January 2023
Blend laid off
The company undertook a significant layoff in January, shedding
Equifax
Headquarters: Atlanta, Georgia
Number of impacted employees: 2,350
Layoff date: Late 2022
The credit reporting agencycut 10% of its employees and contractors during the fourth quarter of 2022, it said in its fourth quarter earnings report. Some of the employees were mortgage-related personnel, although it's unclear how many workers were in those roles.
Equifax saw its overall business grow to $5.1 billion in the fourth quarter but its mortgage revenue fell 23% year-over-year, it said.
Number of impacted employees: 2,350
Layoff date: Late 2022
The credit reporting agency
Equifax saw its overall business grow to $5.1 billion in the fourth quarter but its mortgage revenue fell 23% year-over-year, it said.
Figure Technologies
Headquarters: San Francisco
Number of impacted employees: 90
Layoff date: July 2023
Figure Technologies laid off 90 employees, or about 20% of its staff, in late July, according to documents reviewed by Bloomberg. About half of the workers let go were engineers. The company declined to comment on the headcount reduction.
Number of impacted employees: 90
Layoff date: July 2023
Figure Technologies laid off 90 employees, or about 20% of its staff, in late July, according to documents reviewed by Bloomberg. About half of the workers let go were engineers. The company declined to comment on the headcount reduction.
Notarize
Headquarters: Boston
Number of impacted employees: 110
Layoff date: June 15, late October
The provider of online notarization softwarelet go of 25% of its workforce in June, leaving it with 325 workers, it said. Notarize made the move both in response to mortgage market conditions and due to a strategic shift from customer and partner acquisition to revenue growth from existing partnerships, CEO and founder Pat Kinsel said.
Notarize cut an additional 60 employees in late October,it confirmed , leaving it with 250 workers across the country.
Number of impacted employees: 110
Layoff date: June 15, late October
The provider of online notarization software
Notarize cut an additional 60 employees in late October,
MeridianLink
Headquarters: Costa Mesa, California
Number of impacted employees: Undisclosed
Date of layoff: Feb. 28, 2023
The firm which provides cloud-based software to financial institutions announced a 9% reduction in staff, citing macroeconomic trends,according to a report . Impacted workers will receive eight weeks of severance pay, plus two weeks for every year of service, for a potential total of 26 weeks of severance pay.
Number of impacted employees: Undisclosed
Date of layoff: Feb. 28, 2023
The firm which provides cloud-based software to financial institutions announced a 9% reduction in staff, citing macroeconomic trends,
REAL ESTATE BROKERAGES
Clever Real Estate
Headquarters: St. Louis, Missouri
Number of impacted employees: Undisclosed
Layoff date: October
The startup, which connects homebuyers and sellers to real estate agents, confirmed it laid off employees in customer service and editorial roles. The layoffs were made as the company positions itself for growth amid the housing market's decline, its co-founder and CEO told business journalSt. Louis Inno .
The company touts 1% listing fees for sellers and up to 0.5% cash back for buyers, and said recently it was on track to sell $4 billion in real estate in 2022.
Number of impacted employees: Undisclosed
Layoff date: October
The startup, which connects homebuyers and sellers to real estate agents, confirmed it laid off employees in customer service and editorial roles. The layoffs were made as the company positions itself for growth amid the housing market's decline, its co-founder and CEO told business journal
The company touts 1% listing fees for sellers and up to 0.5% cash back for buyers, and said recently it was on track to sell $4 billion in real estate in 2022.
Compass
Headquarters: New York City
Number of impacted employees: At least 721
Layoff date: June, September, January
The publicly traded firm said it wouldspend up to $23 million in costs before taxes during the second quarter to terminate 10% of its workforce, or approximately 450 employees. It announced in September another round of layoffs to workers in product and engineering roles that will cost the brokerage between $23 million and $26 million for severance and termination benefits, according to a Securities and Exchange Commission filing. The layoff includes 271 workers from Compass' Seattle office in November, according to a Worker Adjustment and Retraining Notification filed in Washington.
A layoff third round took place in January 2023. The brokerage confirmed the layoff, but declined to comment on the number of employees impacted.
Number of impacted employees: At least 721
Layoff date: June, September, January
The publicly traded firm said it would
A layoff third round took place in January 2023. The brokerage confirmed the layoff, but declined to comment on the number of employees impacted.
nCino
Headquarters: Wilmington, North Carolina
Number of impacted employees: 117
Layoff Date: Jan.18
Fintech nCino slashed 7% of its workforce, or 117 employees.
Some of the departing employees were from recentlyacquired SimpleNexus , a company spokesperson confirmed.
Those impacted received 12 weeks of severance pay, 2023 bonus eligibility, two weeks of career support and health benefits "for the defined severance period for US based employees and a lump sum payment for non-U.S. based employees."
Number of impacted employees: 117
Layoff Date: Jan.18
Fintech nCino slashed 7% of its workforce, or 117 employees.
Some of the departing employees were from recently
Those impacted received 12 weeks of severance pay, 2023 bonus eligibility, two weeks of career support and health benefits "for the defined severance period for US based employees and a lump sum payment for non-U.S. based employees."
Opendoor Technologies
Headquarters: San Francisco, California
Number of impacted employees: 1110
Layoff date: Nov. 2, April 18
The iBuyer iscut its payroll in November by approximately 18%, or around 550 employees in response to the market's woes, said Eric Wu, CEO and co-founder, in a Nov. 2 blog post. It's giving departing personnel at least 10 weeks of pay, three additional months of health insurance. Wu disclosed the company had reduced its headcount by over 830 workers prior to Wednesday's announcement.
Opendoor cut another 560 employees, or 22% of its workforce, in April 2023,according to multiple reports . The new round of layoffs came after the company reported a $1.4 billion loss in 2022.
Number of impacted employees: 1110
Layoff date: Nov. 2, April 18
The iBuyer is
Opendoor cut another 560 employees, or 22% of its workforce, in April 2023,
Redfin
Headquarters: Seattle
Number of impacted employees: At least 1,450
Layoff dates: January, June, November
The brokerage eliminated 121 of its 250 mortgage lending positions in Januarywhen it bought Corte Madera, California-based lender Bay Equity Home Loans for $135 million. Five months later, Redfin said it would cut 470 employees at the cost of up to $10.5 million, as the company’s share price per share sunk to $8 from a high of $97 last year.
In November, the brokerage cut 13% of its staff, or approximately 860 employees, as it announced it wasshuttering its iBuying business .
Number of impacted employees: At least 1,450
Layoff dates: January, June, November
The brokerage eliminated 121 of its 250 mortgage lending positions in January
In November, the brokerage cut 13% of its staff, or approximately 860 employees, as it announced it was
Zillow
Headquarters: Seattle
Number of impacted employees: 195
Layoff date: Ongoing
The firm with marketing and origination arms has cut employees this year in Washington, Colorado, Florida and Texas, according to WARN reports. It’s unclear which of the impacted employees are part of itsiBuyer implosion last year. The segment lost more than $380 million in Q3 2021.
Number of impacted employees: 195
Layoff date: Ongoing
The firm with marketing and origination arms has cut employees this year in Washington, Colorado, Florida and Texas, according to WARN reports. It’s unclear which of the impacted employees are part of its
SERVICERS
LoanCare
Headquarters: Virginia Beach, Virginia
Number of impacted employees: Undisclosed
Layoff date: June 17
The subservicer trimmed from itsnearly 1,000-worker payroll , citing a reduced need to help borrowers distressed by the pandemic. Loans in forbearance represented 0.85% of servers’ portfolio volume at the end of May, down from 0.94% in April, according to the Mortgage Bankers Association.
Number of impacted employees: Undisclosed
Layoff date: June 17
The subservicer trimmed from its
RoundPoint
Headquarters: Charlotte, North Carolina
Number of impacted employees: 74
Layoff Date: Oct. 27
Freedom Mortgage sold the servicerin early August to Matrix Financial Services, a subsidiary of real estate investment trust Two Harbors Investment. RoundPoint will also sell its small retail originations business prior to the deal's closing.
Number of impacted employees: 74
Layoff Date: Oct. 27
Freedom Mortgage sold the servicer
