CrossCountry Mortgage lays off 100
CrossCountry Mortgage is the latest lender to trim its payroll, disclosing layoffs last week.
The cuts were revealed in a Colorado Worker Adjustment and Retraining Notification, which only identified the affected workers as mortgage lending staff. CCM in the WARN also didn’t cite a specific reason for the reduction in force, its first known layoff during the market’s latest cycle of declining mortgage activity.
A person listed as a contact for the WARN filing declined to comment Monday morning and another CCM worker identified in the filing didn’t respond to requests for comment.
The privately owned Brecksville, Ohio-based firm has grown into a major player in the market, ranking as the fifth-largest retail lender last year with over $53.5 billion in volume according to the Scotsman Guide. The company in a recent press release also claims over 8,000 employees across the country.
The WARN impacts 70 staffers based at a Denver office, although it’s unclear if the number includes all of that location’s employees. The 100 affected workers did not have bumping rights nor were represented by a union, according to the WARN.
The company has been accused by various competitors of raiding dozens of their loan officers during the market’s crescendo and early stages of decline this spring. A CrossCountry spokesperson in October criticized mortgage competitors for suing former LOs who’ve departed to CCM and said it looked forward to recruiting and attracting more talent.
CCM joins the expanding list of mortgage lenders, servicers, technology firms and mortgage and title insurers who have reduced headcounts in response to industry wide waning profits, including a spate of announcements this month following third quarter earning reports. The industry has also lost nearly all of its job gains in 2021, with mortgage labor figures dropping to 390,800 in September according to a Friday report from the Bureau of Labor Statistics.