The mortgage lender terminated 428 of its 565 employees who work for its Plano office, according to a notice the company provided to the Texas Workforce Commission. Some of those employees work remotely from out of state, according to the letter.
The notice said the layoffs were caused by “significant operating losses and cash flow challenges due to unforeseen historical adverse market conditions for the mortgage lending industry, including unanticipated market volatility.” Additionally, the notice said recent efforts to obtain funding that could have prevented the layoff have been unsuccessful.Download NBC 5 Dallas-Fort Worth
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Plano mortgage lender lays off 428 employees, citing ‘adverse market conditions’Plano-based mortgage company First Guaranty Mortgage Corp. laid off the majority of its staff on Friday. Time for the housing crash. Sell now and buy back at half price.
Source: dallasnews - 🏆 18. / 71 Read more »
Plano-based mortgage company is latest to lay off workers as mortgage industry cools offIn what is a sign of slowing demand, Plano-based First Guaranty Mortgage Corporation has laid off the majority of its staff. Other companies are more likely to see more workforce cuts. Cool. Finally… some good news I don't see this as a terrible sign, other than for the workers. The market has been extremely hot. Building has been rampant, out pacing both labor and supplies for a few years. I have personally seen a 300 person waiting list for 8 homes. A more rational market is welcome.
Source: FOX4 - 🏆 289. / 63 Read more »
Plano mortgage lender lays off 428 employees, citing ‘adverse market conditions’Plano-based mortgage company First Guaranty Mortgage Corp. laid off the majority of its staff on Friday. Time for the housing crash. Sell now and buy back at half price.
Source: dallasnews - 🏆 18. / 71 Read more »
Plano-based mortgage company is latest to lay off workers as mortgage industry cools offIn what is a sign of slowing demand, Plano-based First Guaranty Mortgage Corporation has laid off the majority of its staff. Other companies are more likely to see more workforce cuts. Cool. Finally… some good news I don't see this as a terrible sign, other than for the workers. The market has been extremely hot. Building has been rampant, out pacing both labor and supplies for a few years. I have personally seen a 300 person waiting list for 8 homes. A more rational market is welcome.
Source: FOX4 - 🏆 289. / 63 Read more »