More than a hundred employees have been laid off by Guaranteed Rate Inc. But the company says that it still has plans to hire more new employees this year than in any other previous year.

The Chicago-based mortgage banking firm said in a written statement to Mortgage Daily that it has taken steps to re-balance the organization.

The job cuts targeted areas where Guaranteed Rate was overstaffed, according to the statement. Impacted positions are in loan production.

Source: Mortgage Daily