AM I NEXT? NO LOVE AT DOVENMUEHLE MORTGAGE

Lake Zurich, Illinois-based Dovenmuehle Mortgage, a sub-servicing company for commercial banks, credit unions, independent mortgage lenders, MSR investors, and state housing finance agencies nationwide, has announced a reduction in force.

The reduction in force will impact 212 employees in the Lake Zurich office, commencing on February 16, 2024. Positions being eliminated include six supervisors, four assistant managers, four project managers, and dozens of employees in operations, including 34 customer service representatives (six of whom are bilingual), 14 loss mitigation specialists, 10 clerical support workers, and nine client advocates.

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 GUARANTEED RATE

Chicago, Illinois-based Guaranteed Rate, a residential mortgage company, has announced continuing layoffs, partly driven by the increasing use of automation within the company.

Approximately 800 employees were impacted by two rounds of layoffs, the first of which was targeted at technical employees and senior staff positions. Employee selections were partly driven by departmental budget constraints.

According to CEO and founder Victor Ciradelli, “Without a doubt, the capabilities provided by Gateless and Smart Underwrite are groundbreaking. When Guaranteed Rate introduced the world’s first fully digital mortgage in 2015, it revolutionized the industry. Now, with Smart Underwrite, we can continue to expedite and streamline the process for both our customers and real estate agents. The real-time automation offered by Smart Underwrite is a driving force behind our recently unveiled Same Day Mortgage platform, which enables borrowers to receive same-day approvals.”

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 CIVIC FINANCIAL SERVICES

Redondo Beach, California-based Civic Financial Services, a subsidiary of Beverly Hills, California-based PacWest Bancorp and an institutional private money lender specializing in the financing of non-owner occupied investment properties, has announced a restructuring and cost-cutting initiative.

According to an SEC filing, the restructuring will impact 200 employees.

According to the filing, "Last month, the Company announced it recorded a goodwill impairment of $29 million as part of a strategy to restructure Civic to improve its profitability and risk profile. This restructuring involves reducing the number of loan products offered, reducing loan growth compared to 2022 levels, and transferring the management of most Civic functions to Company executives. In addition, the Company anticipates that approximately 200 Civic positions will be eliminated, effective in the second quarter of 2023. This restructuring aligns with the Company's strategy to focus on relationship-based community banking and to improve capital, liquidity, and operational efficiency"

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?