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Mortgage professionals across the industry are in a precarious position as lenders, servicers and technology providers are reckoning with the market’s current downswing. 

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 and 2023.

BANKS

Banco Santander

U.S. Headquarters: Boston
Number of impacted employees: 254
Layoff date: April 8

The Spanish banking giant in February ended its U.S. residential mortgage lending operations, cutting 211 workers in East Providence and an additional 53 in Conshohocken, Pennsylvania in the Philadelphia region. The lender is downsizing its overall Northeast U.S. branch footprint, and said it will focus on growing its U.S. auto lending and consumer lending segments.

BayFirst Financial Corp.

Headquarters: St. Petersburg, Florida
Number of impacted employees: 58
Layoff date: Nov. 25

The depository announced in September plans to shut down its nationwide network of loan production offices, citing declining mortgage volumes. The bank will continue to originate residential loans in Florida markets. November's layoff will impact all of BayFirst's mortgage employees at the company's Clearwater, Florida office, according to Worker Adjustment and Retraining Notifications filed in multiple states.

Citigroup

Headquarters: New York City
Number of impacted employees: Undisclosed
Layoff date: Summer

The major bank cut less than 100 positions, it confirmed in September. Citigroup's U.S. retail bank originated $7.2 billion in mortgages in the first half of 2022, a 15% decline over the same period last year.

Citigroup cut hundreds of more jobs at the beginning of March, including an undisclosed number of staffers in the bank's mortgage underwriting arm.

FirstBank and Real Genius

Headquarters: Nashville, Tennessee
Number of impacted employees: 109
Layoff date: July 15

FirstBank, a subsidiary of FB Financial, spent between $11 million and $13 million to shut down its direct-to-consumer channel RealGenius in July. The move includes the closing of a 74-member Charlotte, North Carolina office and 35 more employees in South Carolina, according to WARN notices.

Flagstar Bank

Headquarters: Troy, Michigan
Number of impacted employees: 420
Layoff Date: First quarter

The Troy, Michigan lender reduced its mortgage staff by 20% through layoffs and attrition since the beginning of the year, it confirmed in April.

JP Morgan Chase

Headquarters: New York City
Number of impacted employees: Over 1,000
Layoff date: June, February 2023

The banking giant laid off hundreds of home lending employees and reassigned hundreds more a week after the Federal Reserve announced a 75 basis point interest rate hike.

JP Morgan Chase terminated hundreds of employees in its home lending division Feb. 22, it confirmed, although it would not detail the exact number of personnel impacted.

North American Savings Bank

Headquarters: Kansas City, Missouri
Number of impacted employees: undisclosed
Layoff date: January 2023

The Midwest lender announced the layoffs as part of its shutdown of its mortgage lending operations. North American Savings Bank Financial's lending exit is expected to cost the firm $3.8 million to $4.6 million in pretax charges in the second quarter of 2023, 40% of which will be personnel costs. Another 40% of those charges is expected to consist of contractual terminations.

SoFi Technologies

Headquarters: San Francisco, California
Number of impacted employees: undisclosed
Layoff date: February 2023

The fintech with a bank charter disclosed the cuts impacting technology workers making up less than 5% of the firm's total employee base during a fourth quarter earnings conference call.

Texana Bank

Headquarters: Texarkana, Texas
Number of impacted employees: 58
Layoff date: Sept. 5

The lender with branches across East Texas and Arkansas is cutting various mortgage professionals at its Irvine, California office, according to a WARN notice filed in mid-July. Impacted workers include 22 mortgage loan officers and 10 senior mortgage loan processors, as well as four vice presidents overseeing mortgage operations.

USAA Federal Savings Bank

Headquarters: San Antonio, Texas
Number of impacted employees: Over 90
Layoff date: April

The financial services provider for current and former military families cut staff from its mortgage department weeks after the Federal Reserve’s indication in March that it would raise interest rates, the San Antonio Express-News reported.

Wells Fargo

Headquarters: San Francisco, California
Number of impacted employees: Over 800
Layoff date: Ongoing

The nation’s leading bank mortgage originator began cuts in April after reporting a 33% year-over-year decline in origination volume over the first three months of the year. Wells hasn’t confirmed the exact number of employees being let go, although at least 197 have been targeted for layoffs in the Des Moines area, where the bank’s mortgage division is based. Another 32 bank employees in California have been laid off, according to WARN notices.

The depository shed hundreds of additional mortgage employees across the country Dec. 1 in response to the Federal Reserve's ongoing interest rate hikes slowing mortgage activity, Bloomberg reported. Wells has not disclosed exactly how many employees were impacted.

In January, Wells Fargo announced that it was pulling out of correspondent lending. As a result, 140 employees were let go from its home lending division. In February, the firm cut more than 500 employees, according to a Bloomberg report.

NONBANK LENDERS

Angel Oak Mortgage Solutions

Headquarters: Atlanta, Georgia
Number of impacted employees: 75
Layoff date: September

The business under the Angel Oak Cos. umbrella shed 20% of its staff to meet current and anticipated non-QM loan demand, it said in a statement. Angel Oak Mortgage Solutions originates non-QM loans through brokers and correspondents. Its sister company, Angel Oak Home Loans, a full-service retail originator of non-QM mortgages, meanwhile opened several new branches this year.

AmeriFirst Home Mortgage

Headquarters: Kalamazoo, Michigan
Number of impacted employees: 59
Layoff date: Feb. 12, 2023

The lender and servicer, which was acquired by Union Home Mortgage in December, will lay off at least eight managers among other workers at its Portage, Michigan office, it disclosed in a WARN. The company counted 963 employees at the beginning of the year and has branches in 20 states coast to coast.

AmeriSave Mortgage Corp.

Headquarters: Atlanta, Georgia
Number of impacted employees: Undisclosed
Date of layoff: September

The lender is shutting its AmeriSave Wholesale Mortgage Solutions arm, no longer accepting loans, and closing and funding its remaining pipeline by the end of October. The move included layoffs, according to LinkedIn posts by former employees, but the company didn't disclose the number of staff impacted.

Better.com

Headquarters: New York City
Number of impacted employees: Over 3,000
Layoff dates: December 1, March 8, April 19, August 26

The digital lender has cut approximately 72% of its workforce in four layoff rounds since CEO Vishal Garg's Zoom firing of 900 employees in December. Between the layoffs, Better has also offered voluntary buyouts to an undisclosed number of employees in both the U.S. and India. The company's merger with a special purpose acquisition company is in jeopardy, the sides admitted in late August, and Better remains under scrutiny from both a federal lawsuit and Securities and Exchange Commission probe.

Civic Financial Services

Headquarters: Redondo Beach, California
Number of impacted employees: Approximately 200
Layoff Date: February 2023

Parent company PacWest Bancorp announced the cuts at its residential real estate investor lender it bought in 2021. Civic's loans made up around 10% of PacWest's earning assets last year.

The layoffs are expected to save PacWest about $30 million to $40 million a year, it disclosed in a Securities and Exchange Commission filing. PacWest executives are also taking over most of Civic's management functions and reducing the number of loan products it offers.

Divvy Homes

Headquarters: San Francisco, California
Number of impacted employees: 40
Layoff date: September

The rent-to-own startup cut 12% of its workforce, according to a report by The Information. The company buys a home and rents it back to tenants, allowing them to accumulate a down payment and apply for a mortgage or walk from the property after a three-year period. Divvy, which operates in 15 metro areas in nine states, secured $735 million in combined debt facilities last year and raised $200 million in a Series D funding round.

Envoy Mortgage

Headquarters: Houston, Texas
Number of impacted employees: Unknown
Layoff date: Mid-November

The lender had its third round of layoffs in the week before Thanksgiving, former employees told National Mortgage News. Envoy cut close to 30% of its corporate office employees, sources said, and likely now has less than 1,000 workers. Full-time employees also allegedly had a mandatory pay cut of 20%.

Finance of America

Headquarters: Conshohocken, Pennsylvania
Number of impacted employees: At least 144
Layoff date: November through October 2023

The lender is ending its forward mortgage originations by the end of the year, a massive cost-cutting move that will terminate an undisclosed number of employees. At least 101 employees will be laid off between Nov. 1 and April 3, 2023, according to a Worker Adjustment and Retraining Notification filed in Pennsylvania. In January, the firm indicated another 43 workers to be laid off between April and October 2023.

FOA said it estimates approximately $12 million to $18 million in pre-tax charges for employee severance, retention and related benefits. The company earlier this year said it reduced its headcount and expenses by 20% and hinted in August at cuts that would save it over $100 million in 2022.

First Guaranty Mortgage Corporation

Headquarters: Plano, Texas
Number of impacted employees: 471
Layoff date: June 24

The PIMCO-backed firm cut almost 80% of its workforce, allegedly in a brief Microsoft Teams message, days before filing for Chapter 11 protection, attributing its collapse to significant mortgage revenue losses. The company on July 1 received a federal judge’s permission to borrow $11 million to fund its bankruptcy case as it continues to close approved consumer loans and support past due and current employee and vendor payments.

Genpact Mortgage Services

Number of impacted employees: 14
Headquarters: Irvine, California
Date of Layoff: Jan. 31

The technology vendor which provides mortgage processing services disclosed its layoff in a California WARN notice in November.

Guild Holdings

Headquarters: San Diego, California
Number of impacted employees: Unknown
Layoff date: Ongoing

The parent company of lender and servicer Guild Mortgage laid off an unspecified number of employees over the first half of the year that will save it $40 million on an annualized basis, executives said in a second quarter earnings conference call. At the same time, company leaders said Guild is receiving increased interest from experienced loan officers and teams impacted by other industry layoffs.

Home Point Financial

Headquarters: Ann Arbor, Michigan
Number of impacted employees: More than 500
Date of layoff: November, February 2023

The company's lender subsidiary is laying off hundredsemployees to save over $100 million per year, it said in September. The number of impacted workers was revealed in a Texas Worker Adjustment and Retraining Notification. Home Point Financial reported a $44 million net loss in the second quarter brought on by market factors including competitive wholesale pricing.

The lender laid off more employees in early February, with estimates up to 350 to 400 positions impacted.

Homeward

Headquarters: Austin, Texas
Number of impacted employees: Unknown
Layoff date: Aug. 10

The cash offer startup founded in 2018 said it cut 20% of its workforce of approximately 500 employees, according to LinkedIn. Homeward, which operates in seven states, had its strongest month ever in May but subsequent reduced mortgage demand led the company to cut staff to meet new growth projections, CEO and founder Tim Heyl said in a blog post.

Inlanta Mortgage

Headquarters: Pewaukee, Wisconsin
Number of impacted employees: 62
Layoff date: December 2022 through April 2023

The lender in a notice to state officials said it would close its Pewaukee, Wisconsin office because of "unforeseeable business conditions" brought on by the dramatic decline in mortgage volume, Inlanta President and CEO Paul Buege wrote. The layoffs are contingent upon the finalization of its acquisition by an unnamed third-party purchaser, he wrote; that buyer turned out to be San Diego-based Guild Mortgage.

The Pewaukee office shutdown will impact 62 employees and workers will be laid off in several rounds beginning Dec. 2, according to the notice.

Interactive Mortgage

Headquarters: Orange, California
Number of impacted employees: 51
Layoff date: April 7

WinnPointe Corp., doing business as Interactive, revealed its layoff in a California WARN notice. The lender is licensed in Arizona, California, Colorado, Tennessee and Texas.

Interfirst Mortgage Company

Headquarters: Rosemont, Illinois
Number of impacted employees: 223
Layoff dates: Jan. 21, May 13

The company laid off 77 workers in January at a Charlotte, North Carolina office and 147 out of its Chicago-area office, according to WARN notices. The company is licensed to do business in 40 states and Washington, D.C.

Knock

Headquarters: New York City
Number of impacted employees: Undisclosed
Layoff date: Mid-March

The fintech that offers buy-before-you-sell and cash offer programs scrapped plans for an initial public offering in March and laid off 46% of its approximately 250 member workforce. The company at the same time secured $220 million in funding including $70 million in equity and $150 million in new debt, a figure co-founder and CEO Sean Black said was far less than its anticipated $2 billion public valuation.

LoanDepot

Headquarters: Foothill Ranch, California
Number of impacted employees: At least 4,800
Layoff date: Ongoing

The nonbank lending and servicing giant unveiled a three-year restructuring plan in July in which it expects to cut its workforce to 6,500 employees by the end of this year from a high of 11,300 staff in 2021. Company leaders in a second quarter earnings conference call said Guild is shutting its wholesale channel and the layoffs would be deeper than initially projected, although they declined to elaborate on the final headcount.

Lower

Headquarters: Columbia, Maryland
Number of impacted employees: Undisclosed
Layoff date: October

The Ohio-based fintech lender laid off workers in a few areas of the company including refinance teams, a spokesperson told National Mortgage News. The move was first reported by Columbus Business First.

Lower said it made the move to weather the Federal Reserve's impending rate hikes. The lender said the size of the layoff didn't trigger Ohio's Worker Adjustment and Retraining Notification requirement.  

Mr. Cooper

Headquarters: Coppell, Texas 
Number of impacted employees: approximately 1,470
Date of Layoffs: First quarter, July 18, November

The company, which filed a California WARN notice under its former Nationstar Mortgage name, cut approximately 250 workers during the first three months of the year. Its impending July layoff will include approximately 420 staff members, or 5% of its total employee base, including 16% of its California workforce.

In November, Mr. Cooper announced it would slash approximately 800 positions, a move it called a "disciplined" and "proactive step to scale back the origination business."

New American Funding

Headquarters: Tustin, California
Number of impacted employees: 941
Layoff date: First half of 2022, November

The lender and servicer, which ended 2021 with approximately 4,500 employees, has cut 941 total workers since the beginning of the year, it said after another layoff round in November. The firm's rate-and-term percentage fell from about 85% of NAF's business last year to about 10%, and the company made monthly small headcount reductions beginning in January, co-founder and CEO Rick Arvielo told National Mortgage News.

Open Mortgage

Headquarters: Austin, Texas
Number of impacted employees: At least 14
Date of Layoffs: First half of 2022

The multi-channel lender undertook two small rounds of layoffs impacting forward mortgage operations and reverse mortgage operations staff, CEO Scott Gordon told Reverse Mortgage Daily.

Orchard

Headquarters: New York City
Number of impacted employees: At least 280
Layoff date: June 23, November 18

The company formerly known as Perch laid off employees across its mortgage, title and insurance platforms in June anticipation of a difficult economic climate in the next year-and-a-half, its CEO and founder Court Cunningham said. Despite the move, the company, which achieved unicorn status last year with an over $1 billion valuation, at the time said it will continue to hire and invest in its Orchard Home Loans arm, which operates in 10 states.

Orchard undertook another layoff round in November, cutting 180 employees ahead of a dim mortgage market forecast for the coming year. The company didn't say whether it would file a WARN report regarding the mass termination.

Owning Corp

Headquarters: Orange, California
Number of impacted employees: 189
Layoff date: February to April

The Guaranteed Rate-owned direct-to-consumer lender cut 51 mortgage specialists and 42 mortgage consultants, among the underwriters, closers and executives impacted, according to HousingWire.

PennyMac

Headquarters: Westlake Village, California
Number of impacted employees: 530
Layoff dates: May 6, June 27, July 8, July 18, Dec. 30, Jan. 17, 2023, Feb. 21, 2023

The lender has undertaken at least five rounds of layoffs according to California WARN notices, and affected staff include workers in servicing and default departments. Among the Southern California cuts, 77 workers were cut at a Thousand Oaks office, while 52 were eliminated at a Moorpark location.

Prospect Financial Group

Headquarters: La Jolla, California
Number of impacted employees: 10
Date of Layoff: March 4

The company, which offers home loans as Prospect Home Finance, revealed the cuts in a California WARN notice in for a Friday termination. Prospect is licensed to do business in 21 states.

Reverse Mortgage Funding

Headquarters: Bloomfield, New Jersey
Number of impacted employees: Approximately 400
Layoff date: Late November

The firm and its parent company Reverse Mortgage Investment Trust filed for Chapter 11 protection after suspending all origination activity earlier in November. Approximately 400 employees were laid off, according to a report, and the company now has 111 workers according to its bankruptcy filing. A WARN filed Nov. 29 in New York by the company indicated 233 employees would be laid off, while a WARN in California posted Dec. 7 said 44 workers would be laid off from a Rancho Cordova location outside of Sacramento.

Ribbon

Headquarters: New York, New York
Number of impacted employees: At least 136
Layoff date: July 28, mid-November

The cash-offer fintech trimmed its payroll because of market conditions, co-founder and CEO Shaival Shah in a public post in July. Impacted employees will receive two months of base salary and three months of COBRA coverage, along with an extended period to exercise shares. The startup, founded in 2017, has raised $625 million and operates in 16 states. 

In November, Ribbon said it reduced its headcount to under 30 employees, and paused its RibbonCash offering as it revamps its products ahead of 2023.

Rocket Cos.

Headquarters: Detroit
Number of impacted employees: undisclosed
Date of voluntary buyouts: April, August, layoffs in mid-January 2023, July 2023

The nation’s top mortgage originator spent $61 million in the second quarter in voluntary buyouts to 8% of Rocket Mortgage’s operations team and other groups in its Amrock title and valuation business, it said. Rocket Cos. issued a second, smaller voluntary buyout to an undisclosed number of employees across its multiple businesses in August.

In January 2023, the lender laid off approximately 70 employees, affecting less than one quarter of one percent of the company's staff, a spokesman said.

Before reporting its second quarter earnings in 2023, Rocket set into motion another round of voluntary buyouts. The number of employees impacted was not disclosed, however, fiit seems that this offer was presented across numerous departments.

Ruoff Mortgage

Headquarters: Fort Wayne, Indiana
Number of impacted employees: At least 43
Layoff date: September

The nonbank lender cut 4.6% of its workforce because of the Federal Reserve's interest rate hikes impacting the mortgage market, it said in a statement. The Midwest firm counts over 70 retail locations, operates in 45 states and originated $5.445 billion in 2021.

Sprout Mortgage

Headquarters: East Meadow, New York
Number of impacted employees: 400
Layoff date: July 6

Sprout abruptly shut down in early July with an executive announcing the move in a brief video conference with over 300 employees, according to two former staff members suing the lender for an alleged three weeks of owed back pay. The company filed a WARN report in early August in Colorado indicating it let go 400 workers as part of its closure.

Stearns Lending

Headquarters: Lewisville, Texas
Number of impacted employees: 348 
Layoff date: March 13

Guaranteed Rate eliminated Stearns’ entire wholesale channel just over a year after purchasing it in January 2021. The company, once one of the nation’s largest wholesalers, was previously purchased out of bankruptcy by Blackstone in 2019.

Tomo Networks

Headquarters: Stamford, Connecticut
Number of impacted employees: 44
Date of layoff: May 31

The scoop: The Stamford, Connecticut-based fintech founded in 2020 by former Zillow executives cut approximately a third of its 144-person workforce at the end of May and will dial back expansion plans. Tomo claims a valuation of $640 million and operates in nine states.

UpEquity

Headquarters: Austin, Texas
Number of impacted employees: At least 19
Layoff date: Mid-June, Dec. 7

The cash-offer financier which operates in 11 states cut processing, closing and training staff from its 93-person workforce, its co-founder and CEO Tim Herman told HousingWire. UpEquity, a self-described “power buyer” with both all-cash buying and buy-before-you-sell programs, cut its original $1 billion origination projection in 2022 to $500 million.

UpEquity laid off between 10 to 15 employees, or a quarter of its staff, on Dec. 7, according to multiple sources who requested anonymity. That cut allegedly included the firm's head of mortgage.

Wyndham Capital Mortgage

Headquarters: Charlotte, North Carolina
Number of impacted employees: 48
Layoff date: Aug. 1

The lender is terminating employees based out of its main office. Of the departing employees, 38 are hybrid and 10 are fully-remote, living outside of the Carolinas. The firm, which says it has 350 employees and operates in 47 states and Washington, D.C., funded over 19,500 loans and $6.5 billion in loan volume in 2021.

MORTGAGE INSURANCE

Radian Group

Headquarters: Philadelphia, Pennsylvania
Number of impacted employees: 166
Layoff date: Dec. 31

The mortgage insurance giant said it made the cuts in response to current market conditions. Among impacted workers, 66 employees will be laid off at a Wayne, Pennsylvania office outside of Pittsburgh, and 100 staff will be let go at a Coraopolis, Pennsylvania location outside of Philadelphia. The company said its offering severance pay, benefits, outplacement services and job training to the affected workers. 

TITLE

Doma

Headquarters: San Francisco
Number of impacted employees: 825
Layoff date: July 8, first quarter of 2023

The title insurer will slash its payroll by 15%, including trimming its fulfillment organization by 28%, or 259 employees. The terminations are being made as the company refocuses its financial resources on “home purchase-focused strategic initiatives,” CEO Max Simkoff said in the company’s most recent earnings call.

Doma in December disclosed another layoff of approximately 515 employees, or 40% of its workforce, to be completed in the first quarter of 2023, according to a Securities and Exchange Commission filing. The terminations will generate compensation expense savings between $85 million to $90 million, the firm said.

TECHNOLOGY

Blend Labs

Headquarters: San Francisco
Number of impacted employees: 440
Layoff date: April, August, January 2023

Blend laid off 200 workers in the spring, and let go another 220 employees in August following a $477.2 million net loss in the second quarter. The company said it expects to save $60 million per year from the cuts.

The company undertook a significant layoff in January, shedding approximately 340 workers, or 28% of its staff. The "January Plan," as described in a Securities and Exchange Commission filing, is expected to reduce Blend's annual operating expenses by over $100 million at the end of this year relative to the third quarter of 2022.

Equifax

Headquarters: Atlanta, Georgia
Number of impacted employees: 2,350
Layoff date: Late 2022

The credit reporting agency cut 10% of its employees and contractors during the fourth quarter of 2022, it said in its fourth quarter earnings report. Some of the employees were mortgage-related personnel, although it's unclear how many workers were in those roles.

Equifax saw its overall business grow to $5.1 billion in the fourth quarter but its mortgage revenue fell 23% year-over-year, it said.

Figure Technologies

Headquarters: San Francisco
Number of impacted employees: 90
Layoff date: July 2023

Figure Technologies laid off 90 employees, or about 20% of its staff, in late July, according to documents reviewed by Bloomberg. About half of the workers let go were engineers. The company declined to comment on the headcount reduction.

Notarize

Headquarters: Boston
Number of impacted employees: 110
Layoff date: June 15, late October

The provider of online notarization software let go of 25% of its workforce in June, leaving it with 325 workers, it said. Notarize made the move both in response to mortgage market conditions and due to a strategic shift from customer and partner acquisition to revenue growth from existing partnerships, CEO and founder Pat Kinsel said. 

Notarize cut an additional 60 employees in late October, it confirmed, leaving it with 250 workers across the country.

MeridianLink

Headquarters: Costa Mesa, California
Number of impacted employees: Undisclosed
Date of layoff: Feb. 28, 2023

The firm which provides cloud-based software to financial institutions announced a 9% reduction in staff, citing macroeconomic trends, according to a report. Impacted workers will receive eight weeks of severance pay, plus two weeks for every year of service, for a potential total of 26 weeks of severance pay.

REAL ESTATE BROKERAGES

Clever Real Estate

Headquarters: St. Louis, Missouri
Number of impacted employees: Undisclosed
Layoff date: October

The startup, which connects homebuyers and sellers to real estate agents, confirmed it laid off employees in customer service and editorial roles. The layoffs were made as the company positions itself for growth amid the housing market's decline, its co-founder and CEO told business journal St. Louis Inno.

The company touts 1% listing fees for sellers and up to 0.5% cash back for buyers, and said recently it was on track to sell $4 billion in real estate in 2022.

Compass

Headquarters: New York City
Number of impacted employees: At least 721
Layoff date: June, September, January

The publicly traded firm said it would spend up to $23 million in costs before taxes during the second quarter to terminate 10% of its workforce, or approximately 450 employees. It announced in September another round of layoffs to workers in product and engineering roles that will cost the brokerage between $23 million and $26 million for severance and termination benefits, according to a Securities and Exchange Commission filing. The layoff includes 271 workers from Compass' Seattle office in November, according to a Worker Adjustment and Retraining Notification filed in Washington.

A layoff third round took place in January 2023. The brokerage confirmed the layoff, but declined to comment on the number of employees impacted.

nCino

Headquarters: Wilmington, North Carolina
Number of impacted employees: 117

Layoff Date: Jan.18


Fintech nCino slashed 7% of its workforce, or 117 employees.

Some of the departing employees were from recently acquired SimpleNexus, a company spokesperson confirmed.

Those impacted received 12 weeks of severance pay, 2023 bonus eligibility, two weeks of career support and health benefits "for the defined severance period for US based employees and a lump sum payment for non-U.S. based employees." 

Opendoor Technologies

Headquarters: San Francisco, California
Number of impacted employees: 1110
Layoff date: Nov. 2, April 18

The iBuyer is cut its payroll in November by approximately 18%, or around 550 employees in response to the market's woes, said Eric Wu, CEO and co-founder, in a Nov. 2 blog post. It's giving departing personnel at least 10 weeks of pay, three additional months of health insurance. Wu disclosed the company had reduced its headcount by over 830 workers prior to Wednesday's announcement. 

Opendoor cut another 560 employees, or 22% of its workforce, in April 2023, according to multiple reports. The new round of layoffs came after the company reported a $1.4 billion loss in 2022.

Redfin

Headquarters: Seattle
Number of impacted employees: At least 1,450
Layoff dates: January, June, November

The brokerage eliminated 121 of its 250 mortgage lending positions in January when it bought Corte Madera, California-based lender Bay Equity Home Loans for $135 million. Five months later, Redfin said it would cut 470 employees at the cost of up to $10.5 million, as the company’s share price per share sunk to $8 from a high of $97 last year.

In November, the brokerage cut 13% of its staff, or approximately 860 employees, as it announced it was shuttering its iBuying business.

Zillow

Headquarters: Seattle
Number of impacted employees: 195
Layoff date: Ongoing

The firm with marketing and origination arms has cut employees this year in Washington, Colorado, Florida and Texas, according to WARN reports. It’s unclear which of the impacted employees are part of its iBuyer implosion last year. The segment lost more than $380 million in Q3 2021.

SERVICERS

LoanCare

Headquarters: Virginia Beach, Virginia
Number of impacted employees: Undisclosed
Layoff date: June 17

The subservicer trimmed from its nearly 1,000-worker payroll, citing a reduced need to help borrowers distressed by the pandemic. Loans in forbearance represented 0.85% of servers’ portfolio volume at the end of May, down from 0.94% in April, according to the Mortgage Bankers Association.

RoundPoint

Headquarters: Charlotte, North Carolina
Number of impacted employees: 74
Layoff Date: Oct. 27

Freedom Mortgage sold the servicer in early August to Matrix Financial Services, a subsidiary of real estate investment trust Two Harbors Investment. RoundPoint will also sell its small retail originations business prior to the deal's closing.
Andrew Martinez
Reporter, National Mortgage News
Industry News
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