Two big names in real estate and mortgages announced layoffs this week.
As Wells Fargo continues to withdraw from the mortgage business, the bank laid off 140 people. The staffers all reportedly worked in correspondent lending.
Prior to this round, the company laid off hundreds in December.
Elsewhere, iBuyer Offerpad has also handed out walking papers, though an unspecified amount at this time.
As now-former employees began sharing news on the layoffs online, an Offerpad spokesperson confirmed with Inman that the company has laid off an unspecified number of employees with more details coming on the company’s fourth-quarter earnings call on Feb. 22.
“Recent macroeconomic factors have slowed the trajectory of growth in the real estate industry,” an Offerpad spokesperson told Inman via e-mail. “Like many others, we are adjusting the size of our operations to align with the current state of the market. Unfortunately, some of our team members have been impacted. We have provided severance packages and extended health care coverage to help support those individuals through this difficult transition.”