A national mortgage company is slashing more than a third of the workforce in its Michigan office.
Denver-based LenderLive has announced plans to lay off 58 employees in its Madison Heights, Mich., office, according to a report by Crain’s Detroit Business. The company employs around 1,000 people in the US and focuses on origination and mortgage services.
The layoffs come as LenderLive consolidates its origination business to two hubs in Colorado and Florida, according to Crain’s. The cuts involve mostly underwriters and loan coordinators.
Around 100 employees will continue to work in the Madison Heights office on the servicing side.
“We are not leaving Michigan,” LenderLive spokesman Bill Campbell told Crain’s. “LenderLive’s plan is to continue growing that part of the business, and as it does, it will add more employees in Madison Heights.”
Campbell told Crain’s that some of the affected employees might be moved to other locations. All of them were offered severance pay. The layoffs should be complete by Nov. 19, according to LenderLive.
Other mortgage lenders have also announced job cuts recently. Financial services company USAA recently announced that it would cut about 265 jobs in its real estate lending business and its Real Estate Reward Network operation. Last month, Wells Fargo announced the elimination of more than 600 mortgage jobs. Weeks later, the banking giant announced that it would cut up to 10% of its workforce – up to 26, 450 jobs – by 2020.