AM I NEXT? NO LOVE AT SUMMIT FUNDING

Sacramento, California-based Summit Funding, a residential mortgage banker concentrating in specialty loans and refinancing operations, has announced a reduction in force.

The reduction in force will impact 72 employees located in its Sacramento headquarters offices, with separations scheduled on November 23, 2022, the day prior to Thanksgiving.

The decision appears to be driven by market conditions, including rising interest rates, fewer originations and refinancings, and a declining real estate market.

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. We see good people being laid off through no fault of their own. 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?

AM I NEXT? NO LOVE AT CALIBER HOME LOANS

Coppell, Texas-based Caliber Home Loans, a residential home mortgage originator owned by New York, New York-based Rithm Capital, has announced another round of layoffs in their continuing cost-containment initiative.

Approximately 300+ employees, including management positions, but primarily processors, and support staff.

According to an unofficial source, “The official reason for the layoffs provided by leadership was the layoffs were due to the unprecedented spike in interest rates and the drop in mortgage origination volume."

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. We see good people being laid off through no fault of their own. 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?

AM I NEXT? NO LOVE AT HOME POINT CAPITAL

Ann Arbor, Michigan-based Home Point Capital, a residential mortgage originator and servicer, has announced a reduction in force.

The reduction will impact approximately 1000 employees located in Ann Arbor, Michigan, and other company offices in Arizona, Florida, and Texas.

The decision was driven by the challenging mortgage loan marketplace where rising interest rates have reduced mortgage originations and financing.

According to a company spokesperson, "We are in the process of taking the painful step of reducing our workforce to ensure Homepoint is best positioned to navigate the current high-rate, low-margin environment. It is difficult to say goodbye to associates whose dedication to our partners and customers has greatly contributed to our company’s success in our first seven years of business."

"The company has taken multiple actions to reduce the impact on jobs over the last several months. But continually worsening market conditions make this additional step necessary. While these decisions are difficult, we remain committed to building a sustainable company that provides a best-in-class experience to the partners and customers we serve."

“We are in the process of taking the painful step of reducing our workforce to ensure Homepoint is best positioned to navigate the current high-rate, low-margin environment,” a spokesperson said.

“Over the last several months, we have executed multiple strategic actions to minimize the human impact as much as possible, but continually worsening market conditions make this additional step necessary.”

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. We see good people being laid off through no fault of their own. 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?