San Antonio, Texas-based USAA (United Services Automobile Association), a Fortune-500 diversified financial services group has announced that it will be reducing the headcount in its real estate lending operations and laying off 265 employees. 110 employees are located in San Antonio and the rest in Phoenix, Arizona and Tampa, Florida. USAA Bank President Chad Borton noted, “This decision was difficult, as we value our employees and we appreciate that they go above and beyond for our members every day. However, it was necessary as we focus on continuing to provide members competitive mortgage products today and in the future.”
It is becoming increasingly difficult to remain competitive in mortgage lending due to weakening home sales and more stringent controls on re-financing existing loans. To be noted, the company has a stellar record of integrity and is trying to place employees in open positions.
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