“Cost-saving measures” strike again, this time at Homepoint.
Company spokesman Brad Pettiford said that Homepoint will cut some 217 jobs after trying to avoid layoffs for some time. Last month, the leading mortgage originator and servicers employed approximately 3,000 employees.
The move is expected to help the company save some $100 million per year
“We are in the process of taking the painful step of reducing our workforce to ensure Homepoint is best positioned to navigate the current high-rate, low-margin environment,” Pettiford said.
Homepoint recorded a $44.4 million loss in the second quarter of 2022.
The company confirmed workforce reductions are in line with the company’s “openness to get smaller as an organization to effectively counter severe market pressures.”