Layoffs

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.

The bank was already mulling headcount and compensation reductions in early September.

The reduction of 350-400 roles comes weeks before the Ann Arbor, Michigan-based lender is set to report its fourth quarter earnings.

The California-based wholesale lender also known as RMK Financial Corp. had hired close to a dozen account executives in December but stopped doing business on January 31.

The layoffs were a result of the bank's decision to exit the channel, a spokeswoman confirmed.

The Texas-based company is adapting to "members' needs and changes in the marketplace," which resulted in a scale down in some divisions, a spokesman said.

Despite the reduction from last year, "there are some signs that that production is coming back" in mortgage, the bank's CEO said.

The layoff round, which a spokesperson said represents "less than one quarter of one percent of the roles in the company," comes after Rocket announced a 20-person reduction in the marketing team in early January.

The majority of the positions impacted at the lending arm of real estate firm Keller Williams were related to loan processing, according to a company spokesperson.

A spokesperson confirmed that close to 20 positions were terminated due to a "reorganization" but denied that there are plans to eliminate more jobs.