Sources Say New American Funding Eliminated Loan Officers, Processors And Underwriters In Another Lay Off Sweep
Former employees say New American Funding has laid off hundreds of employees on Tuesday.
New American Funding eliminated several hundred positions. The company laid off loan officers and underwriters. In addition the company also laid off processors and training specialists. The firm had 4,800 employees in July 2021.
New American Funding failed to file No Worker Adjustment and Retraining Notification (WARN) notices to California’s EDD.
The California lender offers a variety of conventional and government loans. In addition to adjustable-rate and non-qualified mortgages. The company is also licensed in 49 states.
The lender has 159 active branches nationwide. The company also originated $31.8 billion in mortgages in 2021.
Sources also say New American Funding originated $9.1 billion in the first six months of 2022. This is down 42.7% from the first six months of 2021.
Employees say the company had performed multiple rounds of layoffs in the early part of 2022.
The company laid off 500 employees in February. This was ahead of the Fed’s first rate hike in March,
An employee told HousingWire:
Privately held New American Funding joins a plethora of companies making sizable cuts to its workforce this year.
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[…] California-based New American Funding (NAF) said Tuesday it has reduced its workforce by about 240 positions this week. It had previously laid off employees in August. […]