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

The Arizona-based lender has been in business for 35 years and has branches in over 20 states.

In recent weeks, Miami-based Lendmarq has swept up more than a dozen staff members.

Banks and other lenders revived special-purpose credit programs after racial-equity protests in 2020 prompted them to reexamine their services for historically underserved groups. Now they're taking those initiatives nationwide.

The firm said it would still originate and service loans out of the office where the cost-cutting measures will occur.

The laws dictating advance notice of mass terminations include various exemptions for employers and suggest employees seek any recourse through legal action.

The cut occurred across departments and included the dismissal of the company's head of mortgage.

A new state study suggests that mortgage lenders are putting up barriers to home ownership among people of color.

The company reported a net loss of $84.1 million in the third quarter and blamed the performance on interest rate hikes, inflation and supply chain woes.

Wells Fargo cut hundreds more mortgage employees Thursday, the latest in a series of reductions across the industry after higher interest rates brought the pandemic-era home-lending boom to halt.

The layoffs at the lender's Houston, Texas headquarters caught many by surprise as upper management informed employees in October that they had enough resources to weather the market conditions.

The homeownership gap between Black and white populations has widened in the years since the Great Recession, putting obstacles in the way of achieving wealth for a large percentage of Americans. How did we get here, and what do the housing and home lending industries need to do to change the current course?

Nonprofit housing developer James Armstrong shook hands with West Dallas residents and some of the city's top brass on an empty field where a rare deal was done.

Loan officers, processors and closers were impacted, a source said. What remains is a "skeleton crew" to run operations.

The New York-based startups also undertook large headcount reductions in the spring.

Those left unemployed say lenders have in some cases cut off critical health insurance retroactively or denied severance or an earned PTO payout. Meanwhile, three firms are accused of skirting WARN disclosures providing advance notice of mass terminations.

Bank regulators are considering a measure that would rewrite the rules implementing the Community Reinvestment Act. They should consider taking their existing rules seriously.

Redfin Corp. is shuttering its iBuying business and laying off workers for the second time in almost five months, as the likelihood of a prolonged U.S. housing slowdown continues to ripple through the industry.

It came as a surprise to many housing experts that Asian, Black and Hispanic homeownership rates all jumped last year by more than 2 percentage points, according to quarterly Census Bureau data.

The most recent cuts bring the company's total headcount reduction to over 1,000 employees this year.