AM I NEXT? NO LOVE AT NEW AMERICAN FUNDING

Tustin, California-based New American Funding, a residential mortgage originator mainly focused on minority communities, has announced a continuation of its cost-cutting initiative.

The reduction in force impacts 240 employees.

According to a company spokesperson, “As a result of current mortgage market conditions, New American Funding took action this week to reduce its workforce. In total, the company separated approximately 240 positions from multiple locations, with the majority of the reduction in force impacting mortgage operations.”

“The past two years have seen unprecedented highs in the mortgage industry, but since spring, the environment has retreated from those peaks. The mortgage market slowdown is, unfortunately, affecting our entire industry. We are all working hard to determine the best way to operate in today’s market. It is our duty as stewards of this company to ensure that we are properly positioned and able to responsibly navigate the current marketplace.”

“These situations are never easy, and these are decisions that we do not take lightly,” Arvielo said. “We recognize the enormous contributions that each of these valued team members has made to our company, sincerely thank them for their efforts, and wish them all success going forward.”

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?

AM I NEXT? NO LOVE AT RADIAN GROUP

Philadelphia, Pennsylvania-based Radian Group, a mortgage insurance company with a suite of mortgage, risk, real estate, and title services, has announced a cost-cutting initiative in response to a difficult mortgage market.

The reduction in force will impact 166 employees, including 66 employees at its headquarters and 100 more employees at its Allegheny County office.

According to a company spokesperson, “The across-the-board slowdown in the U.S. housing market has affected all mortgage-related and real estate companies, and Radian is no exception. These changes are deeply difficult, but they are a necessary reflection of current market conditions that will enable us to manage expenses and maintain our strong position over the short and long term.”

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?

AM I NEXT? NO LOVE AT FINANCE OF AMERICA

Plano, Texas-based Finance of America, a vertically-integrated mortgage lender, has failed to sell its retail mortgage division and has announced its intention to exit the residential and wholesale mortgage business.

The closure will occur sometime between November 1, 2022, and April 3, 2023, and will impact 101 employees located in Conshohocken, Pennsylvania. Employees at other locations are also at risk. Home improvement lending will not be affected. It is estimated that 20% or about 1,100 employees are at risk.

A company spokesperson noted, the company plans to execute a “resource optimization plan,” to focus on its reverse mortgage and commercial mortgage originations segments, as well as continuing its lender services and portfolio management segments.

"The move will accelerate the company’s ability to partner with large mortgage lenders and other financial services companies to offer FoA’s SF&S (specialty finance and services) solutions on their platforms.”

"The decision “was made with careful consideration, and we understand the impact this action will have on many of our employees and their families. We are providing support and resources to assist our departing employees in their search for employment opportunities and are actively working to facilitate the transition of many of these employees to roles at other mortgage lenders. The impacted employees have long been valued members of our team, and we recognize the many contributions they have made to the company.”

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?