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Toll Brothers Inc. Message Board

  • sage2123 sage2123 Oct 4, 2013 9:53 AM Flag

    Yet More Mortgage Industry Layoffs

    PHH Mortgage is laying off a third of its Jacksonville work force, cutting 365 positions by December.

    The move, of which employees were notified Thursday, leaves about 700 workers left on the First Coast.

    Most of those that are being laid off work in the mortgage origination department. They will received 60 days pay in lieu of notice, said Dico Akseraylian, vice president of communications for parent company PHH Corp.

    The move comes on the heels of Wells Fargo and Chase announcing layoffs in their mortgage department. PHH's reason for the cuts are similar to those of other industry players, Akseraylian said: mortgage rates are increasing and demand is dropping. The mortgage refinancing boom of the past several years is quickly ending, industry insiders say.

    The spokesman declined to talk about cuts elsewhere in the company or to say if this would be the only round of layoffs the Jacksonville office will go through.

    "We can't predict what the market is going to do," he said.

    Sentiment: Sell

 
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