Companies have let go a combined thousands of employees, citing common refrains from near 30-year-high interest rates, to declining origination and refinance activity and general economic uncertainty anticipated in the next year-and-a-half.
The widespread layoffs in the first half of 2022 have already dismantled a few mortgage companies – some which have closed lending channels or exited the market altogether, and at least one which has declared bankruptcy. The indsutrywide shakeup is the first since 2018, when firms cut jobs in response to a cycle of reduced homebuying demand.
Businesses from the nation’s largest originators to mortgage fintechs coming off waves of investment have all undertaken layoffs of varying severity. These are the companies who have confirmed layoffs, so far, in 2022.