A Mortgage Daily analysis of individual states’ employment data has uncovered thousands of previously unreported mortgage-related layoffs this year. California employees suffered the most, while banks took a beating.
Stearns Lending LLC advised the California Employment Development Department in a filing required by the Worker Adjustment and Retraining Notification Act that it cut 136 jobs.
The layoffs took place in Santa Ana, where Stearns, a subsidiary of The Blackstone Group LP, maintains its main office. The date of separation was Sept. 23, according to the filing.
Source: Mortgage Daily