Mortgage Industry Layoffs & Shutdowns

Updated Sep 21, 2022 - Economy & Business

Axios headline: Layoffs, shutdowns hit mortgage industry as high rates crush lending…

“After getting laid offfrom her job at mortgage provider in March, Charmaine Steele interviewed at eight other mortgage companies. Each one subsequently announced layoffs of their own, she tells Axios. At least one has gone out of business. It was a grim job search, says the 30-year-old Steele, who lives in Charlotte, North Carolina. ‘Nobody was hiring anybody.’ On Tuesday, real estate brokerage Compass announced the second round of layoffs. Just the day before, Opendoor — which is in the business of buying and flipping houses — announced it lost money on 42% of its transactions in August.”

“Steele says she was earning around six figures at, her first job at a lender after working as a real estate agent. She’s now working in the small business lending space, making 50% less.”