Subprime lender Mandalay Mortgage, Woodland Hills, Calif., trimmed its workforce by at least 70 positions on Monday, industry sources have told MortgageWire.At deadline time, officials at the company could not be reached for comment. Mandalay ranks 43rd among subprime lenders, according to the Quarterly Data Report, an MW affiliate. The privately held lender also operates a large sales office in Irvine, Calif. One competitor said the company employed at least 300 workers at year-end, and had been for sale last year. In the fourth quarter it funded $474 million in mortgages, a 5% increase from the volume in the same quarter of 2004. The company can be found on the Web at http://www.mandalaymortgage.com.
Processing Content
