Amid the market slowdown and mortgage rate hikes, another lender is leaning out its team.
HousingWire reports that Finance of America has laid off hundreds of employees over the last few months, with a significant portion of team members receiving walking papers in mid-July. The lender reduced its workforce across processors, underwriters, appraisers and the support team.
Also affected, staff in the Philippines, where the company has employees “for clerical-type tasks, such as loan opening, disclosures, and appraisal checklists,” according to a former employee as told to HousingWire.
This isn’t the first round of layoffs at Finance of America, either. The company reportedly cut 600 jobs between March 2021 and March 2022.
FoA’s loan origination volume was down 26 percent in Q1 of 2022, falling to $5.1 billion. Overall, the company delivered a $64 million loss in the first quarter of 2022.