In what is a sign of slowing demand, Plano-based First Guaranty Mortgage Corporation has laid off the majority of its staff. Other companies are more likely to see more workforce cuts.
In what is a sign of slowing demand, Plano-based First Guaranty Mortgage Corporation has laid off the majority of its staff.While the Texas summer is just heating up, the mortgage industry is cooling down.
First Guaranty Mortgage company is the latest in a long list of lenders which have announced layoffs. The Plano-based company is purging the majority of its staff. The news follows a series of similar moves starting with the now infamous Zoom call just before Christmas last year by better.com CEO Vishal Garg when he announced via video chat to thousands of employees "if you're on this call, you're being laid off."Rocket Mortgage, the nation's largest home lender, isn’t calling for layoffs, but buyouts are paying just less than 10% of their people to walk off the job.
Those folks were already feeling priced out of the market. And now, many are putting plans to buy on hold as they face 30 -year loan rates in excess of 6% for the first time in 10 years. High rates also slammed the breaks on refinances which made up the majority of mortgages last year. But with cash more expensive to borrow, the deals have dried up.Redfin and Compass announced almost 1,000 job cuts earlier in the month predicting what could be "years, not months of fewer home sales," according to the Redfin CEO.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
First Look: A Trip to the Mediterranean at Darna in PlanoWith the current inflation and price of gas, most of us can only dream of traveling to the Mediterranean any time soon. The good news is that a new exotic destination
Lire la suite »
Plano mortgage lender lays off 428 employees, citing ‘adverse market conditions’Plano-based mortgage company First Guaranty Mortgage Corp. laid off the majority of its staff on Friday.
Lire la suite »
Plano mortgage lender lays off 428 employees, citing ‘adverse market conditions’Plano-based mortgage company First Guaranty Mortgage Corp. laid off the majority of its staff on Friday.
Lire la suite »
Job Loss Is a ‘Reality' of the Business Cycle, Says Labor Expert. Take These 6 Key Steps After a LayoffTech firms are laying off workers and Wall Street may be next. Here are key financial moves to make if you lose your job.
Lire la suite »
Autocar notebook: Ferrari's future plans | AutocarAudi’s newest EV, Rimac Nevera's drag race success and Ferrari’s take on the lifespan of its cars - our journalists have emptied their notebooks after a week of reporting
Lire la suite »
Dallas life insurance startup Bestow lays off 14% of its staffBestow's CEO said 41 employees were laid off on Friday.
Lire la suite »