Another day, another mortgage layoff
New American Funding announced Tuesday that it has slashed 240 roles as part of its efforts to “right-size the company based on the state of the mortgage industry.”
“As a result of current mortgage market conditions, New American Funding took action this week to reduce its workforce,” the California-based lender confirmed in an email statement. “In total, the company separated approximately 240 positions from multiple locations, with the majority of the reduction in force impacting mortgage operations.”
The new round of layoff brings the total cuts to 941 employees, according to the company.
“The past two years have seen unprecedented highs in the mortgage industry, but since spring, the environment has retreated from those peaks,” said New American Funding CEO Rick Arvielo. “The mortgage market slowdown is, unfortunately, affecting our entire industry. We are all working hard to determine the best way to operate in today’s market. It is our duty as stewards of this company to ensure that we are properly positioned and able to responsibly navigate the current marketplace.”
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One of the impacted employees, Mitchell Hunstad, wrote in a LinkedIn post: “I am saddened that New American Funding, the company I enjoyed working at for 6 years, made the difficult decision to reduce my department’s workforce by more than half. I absolutely love my position there and working with the best team ever. I will always have a place in my heart for all of them.”
Hunstad previously served as a sales support training manager, midwestern region.
“These situations are never easy, and these are decisions that we do not take lightly,” Arvielo said. “We recognize the enormous contributions that each of these valued team members has made to our company, sincerely thank them for their efforts, and wish them all success going forward.”
