Homepoint is laying off hundreds of employees in a move it says will save it over $100 million per year.
The lender, a major player in the wholesale space, is making the cuts to reckon with the market's
"Over the last several months, we have executed multiple strategic actions to minimize the human impact as much as possible, but continually worsening market conditions make this additional step necessary," said Brad Pettiford, director of public relations, in a statement.
Impacted workers across the company were given 60 day notices and their last day is in November, according to Homepoint. The lender also said it assessed its plans on severance, equity and healthcare to support departing employees.
The news was
It's the latest wholesale player to shake up its operations this year, after Guaranteed Rate announced it would
Homepoint's layoffs also follow a price war set off by industry leader United Wholesale Mortgage
The departing professionals join the list of the thousands of nonbank mortgage bank workers and brokers who have lost their jobs this year. The Bureau of Labor Statistics Friday showed industry payrolls fell for the