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Layoffs Loom for Mortgage Firms as Volume Falls

Sunday, Feb 27 2022
Originating
Written by  The Mortgage Leader

Mortgage lenders will likely lay off thousands in the months ahead after going on a hiring spree the past two years, according to industry observers. So reports Bloomberg.

 

hiring 1977913 1920Jeff DerGurahian, chief capital markets officer at LoanDepot, said that job cuts in the space are unavoidable, though some workers can shift from refinancings into home purchase loans.

The number of people working in the mortgage industry is the highest since early 2006, following a more than 50% leap to about 130,000 since late 2019. But the Mortgage Bankers Association projects that volume will fall to $2.6 trillion in 2022 from $4 trillion last year.

Read the full article from Bloomberg. 

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