Mr. Cooper lays off 420 while mortgage industry cuts mount
Mr. Cooper lays off 420 while mortgage industry cuts mount
Abstract
The Santa Ana office announcement was disclosed in a California Worker Adjustment and Retraining Notification filed last month and will take effect in mid July. Nashville-based FirstBank is discontinuing its direct-to-consumer channel, Real Genius, and will close a 74-member Charlotte, North Carolina, office in mid July, it confirmed Thursday. "Our direct-to-consumer channel is particularly dependent on the support of a strong refinance market, and the current lack of demand and interest rate environment is unfavorable for future profitability in this delivery channel," the company said in an Securities and Exchange Commission filing last month. FirstBank, a subsidiary of FB Financial, acquired Real Genius in 2013, when it was then known as ConsumerDirect Mortgage before rebranding in February. The bank reported its total interest-rate lock volume decreased $579.9 million, or 30.7%, in Q1 2022 compared to Q1 2021.The restructuring will cost FirstBank approximately $11 million to $13 million, and the consumer-direct channel will close prior to the fourth quarter this year. FirstBank, with branches across the Southeast, said it will continue to originate loans through its retail channel, retain mortgage servicing rights and continue holding 1-4 family mortgage loans in its portfolio. PennyMac in WARN notices last month also disclosed 31 more layoffs across three Southern California locations, effective in mid-July.
