Retail mortgage lender Movement Mortgage has pink-slipped about 180 employees nationwide amid a downturn in the housing market, according to a report by The Charlotte Observer.
The cuts, which were effective October 5, included 75 employees in the company’s Indian Land, S.C., headquarters.
Casey Crawford, co-founder and CEO of the company, said in a news release that the layoffs were a very difficult decision “because it affected teammates we love.” Crawford added that Movement was grateful for their contributions.
In addition to the cuts in Indian Land, employees in Norfolk, Va.; Tempe, Ariz.; and Richmond, Va. were affected by the announcements. More than 70 employees in the Charlotte region were also included in the move. Movement said affected roles involve multiple operations and support functions.
“We believe we’re taking the necessary steps to continue to provide outstanding service for our customers, loan officers, and communities long-term by adjusting to the reality of the mortgage business today,” Crawford said.
Movement cited industrywide loan volume that has been lower compared to previous years, low housing inventory and rising home prices, and lower expectations for new loans in 2019 given higher interest rates as factors behind the announcement.
The report noted that the announcement marks the third round of cuts at Movement in 2018. The company laid off about 75 operations employees at its headquarters and other offices in February and separated 100 employees nationwide in May.
Movement said the separated employees are entitled to severance pay and related benefits. Following the cuts, the company now employs about 3,800 people across the US, said company spokesman Adam O’Daniel.