Mortgage Market Layoffs Due to Interest Rate Increases, Economy by Mary Cummins Real Estate Appraiser

layoffs, pink slips, firings, mary cummins, real estate appraiser, real estate, appraiser, appraisal, los angeles, california, wells fargo, better, jp morgan chase,interest rates, refinance, economy, mortgage market, home loans

In the past three months in the mortgage industry there have been more than 3,500 job cuts, according to globalsg.com. Wells Fargo just confirmed it recently laid off approximately 550 mortgage processors. This follows JP Morgan Chase, Homepoint Capital (10%), New Residential Investment Corp (NewRez 386 or 3%), Penny Mac, Knock, Movement Mortgage, Blend Labs Inc (200 or 10%) and Better who laid off 900 then 3,000 more recently. 

Wolfstreet.com reported that not only are layoffs among mortgage lenders taking place, but they will also continue. “Layoffs and forced resignations are certainly imminent in the mortgage banking industry,” said Dan Green, principal at BlackFin Group.

Most state the cause is the increase in interest rates, lower demand for refinances and the real estate economy overall. This of course means fewer appraisal orders for real estate appraisers besides other mortgage related industries such as title, insurance and escrow.

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.

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