Caliber Home Loans Lay Offs Last Week Affected 300+ Loan Officers And Senior Managers
Rithm Capital, the new owners of Caliber Home Loans, issued pink slips to 300+ employees earlier this week. The company claimed that soaring mortgage interest rates and lower origination volumes were the reason. The lender has made at least four rounds of layoffs this year.
Housingwire says internal documents detail which jobs were eliminated as part of the reduction. Internal documents shows Caliber axed several managers including assistant vice presidents positions. Caliber Home Loans also laid of four AVP underwriting positions.
The most heavily impacted positions were processors.
The most heavily impacted position was processors. The company laid off at least 93 processors and 25 junior processors. In addition, the company laid off 13 processing managers. Caliber also eliminated least 38 closer/funder positions. In addition, the company eliminated 35 underwriter positions.
Caliber also issued pink slips to workers in the learning and development team.
Caliber Home Loans officially laid employees off on September 20th. The company did pay severance paymentsd based on how long employees were with the lender.
Laid off mortgage loan originators still had loans in their pipelines. However, Caliber still hasn’t paid them.
Several former Caliber executives have stated on LinkedIn that they were let go.
Rithm Capital formerly known as New Residential Investment acquired Caliber last year.
The company posted a $3 million loss in the second quarter of 2022. This was largely due to a decline in residential mortgage originations. Its origination volume dropped 29% to $19.1 billion in the second quarter.
NewRez/Caliber ranked sixth on the list of the country’s top mortgage lenders in 2022. The company originated $46 Billion in loan volume in the first six months of the year.
Caliber Home Loans follows other lenders conducting multiple layoffs this year. NewRez laid off 386 in February.
Leave a Reply