After eliminating dozens of mortgage jobs in response to diminishing loan originations, HomeStreet Inc. is again cutting its home-lending staff — this time by more than a hundred. Several branches are also being closed.
In its first-quarter earnings report, the Seattle-based financial institution disclosed company-wide layoffs of 86 full-time employees — including 37 in mortgage banking.
The bank said it made the move as a result of slowing originations; in addition to declining refinance transactions, its purchase-money business is suffering from a lack of inventory in its hometown of Seattle.
Source: Mortgage Daily
