US mortgage lenders axe jobs amid slowdown

Several large mortgage lenders in the United States are cutting back their workforce as the housing market eases.

The latest to announce cuts include JPMorgan Chase which is slashing 400 jobs from its retail mortgage division, Mortgage Business America reports.

With tight supply in many US markets putting the brakes on home sales, the mortgage industry is suffering a slowdown with lenders laying off workers or redeploying them to other banking roles.

Earlier in the year Bank of America said it was Wells Fargo said that it would cut around 640 jobs from its mortgage operations across several locations; South Carolina-headquartered retail mortgage lender Movement Mortgage announced 180 job cuts; US Bancorp announced 260 cuts; and MB Financial said it was closing most of its national mortgage origination business with almost 600 employees losing their jobs.

The cuts being made include loan officer roles together with reductions in support and headquarters staff.


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