A fresh round of job cuts at Movement Mortgage LLC has pushed total layoffs so far for this year past 300. The latest staff reductions are the result of lower-than-expected home lending volume.
In June, a hundred employees at four locations in three states were advised of layoffs by the Indian Land, South Carolina -based company. Slower than expected growth was blamed.
Four months earlier, Movement disclosed that it was cutting 75 operational positions at three locations including at its headquarters. The payroll reduction was tied to the elimination of a specific loan program.
Source: Mortgage Daily