A mortgage banking firm that recently ranked as one of the nation’s fastest-growing companies has advised dozens of Maryland employees that they will be unemployed early next year.
During 2015, First Guaranty Mortgage Corp. generated $100 million in revenues. That put growth over the prior three years at 101 percent.
The hefty increase in revenues at the Tyson Corner, Virginia-based organization landed it in the 3,288th spot on Inc. magazine’s 2016 list of the fastest-growing companies in America.
But business has apparently slowed at FGMC.
In a filing Monday with the
Maryland Department of Labor, Licensing and Regulation, FGMC indicated that it is eliminating 82 jobs in Frederick.
The filing, which was made as required by the
Worker Adjustment and Retraining Notification Act, indicated that the layoffs will take place on Jan. 31, 2018.
“Plant closure” was listed as the cause of the layoffs.
Just last year, the managing director of goodmortgage.com, which was acquired by FGMC in May 2016, revealed plans for the online lender to hire as many 200 people by the end of this year.
FGMC General Counsel Michael McElroy telephoned after the publication of this story to clarify that the Frederick facility will remain open. He declined to comment, however, about why the decision was made to layoff the employees.
