GMAC-RFC has announced it is to cut 200 jobs across its business and close its High Street Home Loans (HSHL) operation, while Wave admitted it was being forced to lay off 20 of its 160-strong workforce.
Unity Home Loans also announced it was in the process of restructuring its lending operation, a process which would ‘undoubtedly lead to job cuts’.
All three lenders blamed the continuing difficulties of operating in the non-conforming market for the action but insisted their moves would allow them to remain competitive until the turbulence in the credit markets ended.
Simon Knight, chief executive officer at GMAC-RFC, said: “It is sadly necessary for us to make redundancies and close one of our businesses - not an easy decision for any company to make. But we believe these actions will place us in a position of strength to take advantage of the opportunities that will inevitably surface from this market adjustment.”
Unity, which has been unable to secure funding since pulling from the market on 10 August, said it would be outsourcing administrative and client support functions as part of a wider strategic review of its business.
Wave said the redundancies would be within its sales and processing departments, although it insisted it remained committed to the intermediary market going forward.
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