APRIL 5, 2022 — 170 EMPLOYEES GONE IN MARCH?
Published reports suggest the company has laid off 170 employees, including those in processing, underwriting, and closing in March 2022. The layoffs were said to be companywide. It appears that the downsizing was in response to rising interest rates and stagnating originating volumes.
In 2018, the company laid off over 350 employees in three rounds.
OCTOBER 12, 2018 — Original post…
In the third round of cuts in 2018, Fort Mill, South Carolina-based Movement Mortgage has announced that they will lay off 180 back office and support personnel at locations in Fort Mill, South Carolina, Norfolk, Virginia, Richmond, Virginia, Tempe, Arizona. This was preceded by 100 layoffs in May 2018 and 75 layoffs in February 2018.
CEO Casey Crawford explained that the decision for further cuts was made “in response to a nationwide downturn in the housing and mortgage market, lower mortgage origination forecasts for 2019, rising interest rates, and low housing inventory. This was a very difficult decision because it affected teammates we love. We are incredibly grateful for their contributions. We believe we’re taking the necessary steps to continue to provide outstanding service for our customers, loan officers and communities long-term by adjusting to the reality of the mortgage business today. We’re prepared for the future and expect to continue making a positive impact in our industry, corporate culture and communities in the years ahead.”
Look for downsizing in the back office support areas of all major financial sectors.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?