Layoffs

More than 4,000 federal workers received notices Friday that their last day will be Dec. 9.

The Justice Department has asked the high court to intervene and halt reinstatements of federal employees who were fired by the Office of Personnel Management.

Some lenders are once again hiring mortgage lenders, but memories of the painful staffing cuts they were forced to make over the past two years remain top of mind.

The Hammond, Louisiana, company, which announced changes to its business strategy, cut 71 jobs and reduced its dividend to 8 cents per share.

The latest headcount reduction impacted another office previously belonging to Computershare Mortgage Services, a servicing company Newrez acquired in May.

The headcount reduction comes one month after more layoffs in Colorado and Florida.

The rightsizing measures impacted workers in Colorado and Florida who worked at acquired Computershare Mortgage Services and its affiliate Specialized Loan Servicing.

The company declined to provide an estimate of how many senior executives were impacted by the reduction and called it "a flattening of the organization."

The financial institution will pay $350,000 in layoff expenses to leave a business beset by high rates and a crowded playing field relative to current demand.

Offices impacted are located in Chicago, Cincinnati and Kansas City, a company representative said Wednesday.

Staff retained or added for the spring homebuying season has stemmed the tide of layoffs for now, according to the Bureau of Labor Statistics' latest figures.

The Philadelphia-based company will eliminate an undisclosed number of jobs as part of a plan to refocus on core business lines and markets, CEO Thomas Geisel said.

Other positions are being eliminated nationwide, with just 50 to 60 people remaining to manage the company's mortgage servicing rights.

The company counts nearly 2,000 employees on LinkedIn, and operates two wholesale divisions alongside the impacted retail channel.

The mega-lenders headcount was 5,194 at the end of the fourth quarter

The disclosures follow full year and fourth quarter earnings reports in which each company revealed big declines from booming performances in 2021.

The cuts amount to less than 1% of Citigroup's 240,000-person workforce, according to people familiar with the matter.

Companies like Guild Mortgage, Union Home Mortgage, American Pacific Mortgage and Go Mortgage have been expanding their footprint during a time of great upheaval.

The cuts add to thousands across the home-lending industry in recent months after the Federal Reserve raised interest rates and cooled what had been a red-hot housing market.

Approximately 2,350 full-time employees and contractors — some of whom did mortgage-related work — were let go, according to the credit reporting agency.