CitiMortgage Reduces Broker Business
CitiMortgage is slashing the number of mortgage brokers it does business with -- leading to hundreds of layoffs. Business from a smaller and more productive group of brokers will ultimately be channeled through offices in Missouri and Texas.
The O'Fallon, Mo.-based lender is cutting off some of its mortgage brokers, spokesman Mark Rodgers told MortgageDaily.com in an interview.
He could not reveal which brokers are being cut or how exactly the company is determining this, but he did note that the brokers they are keeping tend to be those with the higher quality loans and higher volume.
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Over 9,000 Mortgage Layoffs in Q3
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Mortgage Jobs Off, Brokers Up
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Wachovia Launches Option-ARM Project
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Chase Consolidating Wholesale Unit
Chase Wholesale Lending is closing four regional centers and laying off more than 170 employees.
Aggressive Growth Planned at New Firm
The founder of Wilmington Finance Inc. has launched a mortgage banking firm that specializes in government lending. By next year, the new venture hopes to be originating nearly $0.5 billion with 200 employees.
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BankUnited Slashing Workforce
As its regulator issued an order against it, BankUnited Financial Corp. is cutting more than 10 percent of its workforce. The layoffs primarily impact mortgage jobs.
