Mortgage job cuts trickle down as outsourcing firm cuts half its workforce

by Adam Smith21 Oct 2013

Mortgage layoffs at the big lenders are trickling down to other service providers, as a mortgage outsourcing company has announced it will lay off more than half its employees.

Edmond, Okla., company Adfitech provides outsource services to major lenders, banks and mortgage companies. But with many major lenders cutting mortgage jobs, the company announced Friday it would lay off 320 of its 620 employees.

The company had been the single largest employer in Edmond, according to The Oklahoman. Adfitech said the layoffs were due to "abrupt changes in customer needs", and would be effective December 20.

"This reduction was difficult because it affects so many of our loyal, talented and hardworking employees. However, it was necessary in order to align our workforce with the current needs of our customers," Adfitech president Sam Meek said.


  • by Steve Greenberg | 10/21/2013 10:38:00 AM

    Nothing happens until something gets sole! Loan originators have not been trained properly to "sell" mortgage opportunities so total origination production has been compromised. Anyone can take refi apps., but when rates inch higher and refi's come to a screeching halt - no one is left that can sell!

  • by Bob Gillespie | 10/21/2013 3:06:31 PM

    'Sole' is a very tasty fish. Perhaps you should consider a career change. A chef needs to know how to cook but can be a bit light in spelling capabilities. Bobby Flay never finished High School.

  • by Patti | 10/21/2013 3:48:50 PM

    Another spelling brain trust...oh dear! I thought this was a comment section for Mortgage people, but I guess it's a Spelling Bee. My bad! You see Steve, you should change careers because you used an "e" instead of a "d". Brilliant comment. But even though you spelled it wrong, I get the meaning and yes, you are correct. If refis are all you do, you will die on the vine when someone sneezes in Washington. The cycles seem to be longer these days. The shutdown didn't help a bit, and the tightening of credit iced the cake.Add that to rate increases and #Boom! Hang in there.


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