![]() Use Wealth Tracker to securely view all of your financial information – your investment and retirement accounts, checking and savings accounts, mortgage, student loans and other loans, credit cards, and more – in one place. #WEALTH TRACKER STIFEL FREE#“If rates continue rising, companies will have to continue rightsizing.Available via mobile, tablet, or any computer, Stifel Wealth Tracker is a powerful free service designed to give you a big-picture view of your financial situation so that you can chart a course for your future. But the layoffs are fairly common throughout the industry and certain business channels,” said Don Griffiths, president of the Ohio MBA and vice president of national operations for UHM. “We all have different infrastructures, because people have different businesses. Those have been baked into the lending business since the 2008 financial crisis, when low interest rates and loose underwriting standards fueled a housing bubble.īut time will tell how far layoffs might go. have laid out plans for reducing their staffs.īanks are not expected to be quite as negatively impacted by this downturn in the mortgage business because of their diversified business models and stricter credit standards. Meanwhile, real estate brokerages like Compass Inc. has laid off or reassigned workers in its division for home lending. has sent out warnings about an expected drop in mortgage-lending income, while JPMorgan Chase & Co. Other large players in the mortgage lending business are feeling the pains as well.Īs reported by Bloomberg, Wells Fargo & Co. Rocket reported a quarterly drop in profits of 94% in Q2 compared with the same period last year as rising interest rates eat into lending volumes. However, the company has been offering voluntary buyouts this year in a bid to reduce its staff. Rocket Mortgage’s Detroit parent company Rocket Companies Inc., the nation’s largest mortgage lender, has not had a massive layoff event, said spokesman John Perich. Alurovic said his company has been moving some folks in areas like procurement and underwriting to servicing, auditing or quality control as market dynamics shift.īut reducing the workforce is a natural lever for companies to pull when lending volumes slow, and it’s a clear sign of the impact rising rates are having on the mortgage lending business. “The residential housing market has turned quickly due to historically low inventory of homes for sale and a rapid rise in interest rates due to inflation, and we, like other companies in our industry, are temporarily adjusting staffing levels to accommodate rapidly changing marketplace conditions and business needs,” UHM spokeswoman Cindy Flynn told Crain’s earlier this year.ĭuring Q2 earnings, Huntington Bank CEO Steve Steinour reported that the Columbus-based bank had released at least 158 mortgage underwriters and processors because of a market shift, though only four of those were in the local market at the time.Īs much as possible, companies will shift workers from one focus to another to avoid layoffs. However, according to Crain’s data, UHM reported a local workforce of 589 people as of June 30, marking an annual decrease in its workforce of more than 14%. The national lender has declined to detail the extent of its local or companywide layoffs. News about staff reductions at Strongsville-based Union Home Mortgage started to come out this spring. are expected to drop by approximately 50% this year compared with 2021.Īccording to a September report from Ohio REALTORS, Ohio home sales were down in August by 6.4% compared with the same month last year, while the average sales price had increased 6.9% to $267,659 versus August 2021. According to the most recent forecast by the national Mortgage Bankers Association, total mortgage originations (by both dollars and volume) for one- to four-family homes in the U.S. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |