Company is the latest to introduce layoffs and reduce mortgage capacity
Union Home Mortgage has conducted a “few rounds of layoffs” as the Ohio-based lender struggles with rising inflation and interest rates.
According to Cindy Flynn, chief marketing and communications officer of UHM, the company is “temporarily adjusting [its] staffing levels” to cope with “rapidly changing marketplace conditions and business needs.”
The multichannel lender operates in 44 states and Washington D.C., with 155 branches and about 1,200 employees. It is unclear how many employees were let go or where they worked. UHM declined to provide any details about the layoffs and has not yet filed a public notice with the Ohio Department of Jobs and Family Services.
UHM joins a list of mortgage lenders that have started trimming their workforces as mortgage originations decline. Rocket Mortgage, Wells Fargo, Flagstar Bank, and Better.com were some of the big residential lenders that cut jobs over the past few months.
Read more: Mortgage industry braces for huge layoffs
Commenting on the trend, veteran mortgage employment recruiter Rick Glass said the industry appears to be entering the downside of a cycle.
“The refi market is at a standstill, the purchase market lacks supply as rates climb and uncertainty looms,” Glass said. “We are seeing layoffs throughout the sector. The predominance of which will be in the centralized direct-to-consumer channel over the remainder of the year and perhaps into next year as the refi market evaporates.”
