Team meeting. Mass mortgage layoffs — didn’t get exact numbers but “more than previous staffing decisions.”
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more automation taking over. I didn't hear anything in underwriting today. The quality of the online applications coming into underwriting is already atrocious, I'm sure this will help improve the customer experience when they get a list of 20 conditions because the robot didn't ask for any docs up front.
It’s everything not just refi’s. My pipeline was overflowing. Oh well. They are making our whole laid-off dept work thru next week too. People who spent all day crying today get to go in tomorrow and pretend nothing is wrong? Wtf
I work in a specialty group in home lending that wasn’t affected. But we had a meeting this afternoon about the layoffs, and apparently the employees let go were all processors and their supervisors. No one in underwriting or closing were laid off. And those laid off were all in refi groups
Sorry to hear. Mortgage has always been a cyclical business. When rates go down again, anybody who took out a loan at these rates will be refinancing, but that doesn’t help anybody now.
I hope everyone lands someplace better.
Rip
Dang, sucks to hear. Good luck to all affected.
All of Ryan Sexe's roolup in retail refinance processing gone including myself. Been here 12 years and have been to 5 service conferences.
:-(
1,000 refinance employees laid off in mortgage.
Condolences to all affected. Some of us are human and feel for you.
My whole DOM team and manager were affected in DSM. They didn’t give any further detail per usual
Any word on if Bus Excellence is affected?
I have hear all of Susan Young's team. 163 Processors/staff. Another processor confirms her whole team also, not under Susan Y. Where did you hear about DOM? DOM staff haven't heard anything yet.
All of consumer direct for refi. All of ready for credit and likely all of DOM. Idk I’m guessing minimum of 800 people. Sounds like all of Iowa’s processing teams are gone at minimum.
Please provide more details if you can.