Large Layoffs Looming at Pan American Mortgage

Published April 12, 2010, 1:00 p.m. EDT

1 Min Read

Pan American Mortgage, Chicago, has filed notification with the state that it is about to lay off a large number of loan officers employed at the firm. Princess Santos, an official at the firm confirmed to National Mortgage News that the layoffs are coming but said, "they haven't happened yet." It's unclear how many loan officers might lose their jobs but firms that terminate at least 50 workers in a single action must notify them at least 60 days in advance under federal law. Ms. Santos declined to discuss numbers, referring questions to company owner Adam Dayan. According to the Illinois Department of Corporations, PAM also does business as Senior Mortgage Network, and Charter Mortgage Network. The lender is privately held and no loan volumes were available.

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