JANUARY 11, 2023 — NEW YORK AND NEW JERSEY LAYOFFS ANNOUNCED
The company is acceleratings its East Coast layoffs with 65 Bloomfield, New Jersey employees to be laid off on February 2023, and 254 employees will be laid off in Newburgh, New York, by the end of March 2023.
This follows the 119 employees laid off in the Melville, New York office in December 2022.
DECEMBER 15, 2022 — Original post…
Bloomfield, New Jersey-based Reverse Mortgage Funding, a correspondent lender serving the reverse mortgage market, has filed for bankruptcy following its announced "pause" in mortgage originations which lead to a major company-wide reduction in force. RMF originates, acquires, invests, and services reverse mortgage loans and securities backed by reverse mortgage loans.
The reduction in force will impact more than 500 employees or approximately 80% of its workforce.
A company spokesperson noted, “like many of its peers, RMF has been challenged by unprecedented interest rate hikes and overall macroeconomic volatility. As a result, the cost of financing and securitizing reverse mortgages has made it impossible for RMF to continue originations for seniors looking to unlock value in their homes at this time. RMF has been working diligently with its constituents to support its business and is doing everything possible to weather these challenging market conditions.”
No mention was made of industry rumors that the company had difficulty funding operations with its warehouse lines of credit.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?