Mortgage lender lays off 100 in DTC as interest rates impact industry
This story first ran on BusinessDen.com, a BizWest news partner.
An Ohio-based mortgage lender is laying off 100 employees based out of an office in the Denver Tech Center.
CrossCountry Mortgage informed the state of the layoffs last week in a filing to comply with the federal Worker Adjustment and Retraining Notification Act.
The affected employees worked from CrossCountry’s office at 4610 S. Ulster St. in Denver. The company said in a late September news release that it had about 8,000 employees and nearly 600 branches in all 50 states.
In its notice to the Colorado labor department, CrossCountry didn’t provide a specific date or reason for the layoffs. Company officials didn’t respond to requests from BusinessDen for additional information.
The layoffs aren’t necessarily surprising, however. Nationally, sales of homes have slowed due to the sharp rise in interest rates this year. That rise has also ended a surge in refinancing by existing homeowners, which prompted some lenders to add staff during the pandemic.
Bloomberg reported in mid-October that multiple lenders were laying off staff. Detroit-based Rocket Mortgage, which is America’s largest mortgage lender, is shrinking its ranks through a mix of buyouts and attrition rather than layoffs, the Wall Street Journal reported last week.
No other lenders have filed a WARN notice to Colorado in recent months, but many companies don’t report their layoffs.