Ditech Financial, the lending company behind the iconic “Lost another loan to Ditech!” commercials of the 1990s, relaunched in 2014 with plans to set up correspondent, retail and consumer-direct lending channels.
But since then, the company’s focus has shifted several times, with announced plans to shut down its distributed retail lending channel, focus on its correspondent and consumer-direct channels, or open a new wholesale channel, according to a HousingWire report.
And now the company is showing scores of employees the door. It has announced plans to lay off 78 employees in San Antonio, according to a report by the San Antonio Business Journal. And HousingWire reports that Ditech is pink-slipping about 60 employees at its Greensboro, N.C., office.
The layoffs in San Antonio – mostly debt collectors – are the result of a rebounding housing market, according to the Business Journal.
“Over the past several years, the mortgage industry has shifted to a more ‘normalized’ market, as defaults across the industry continue to decline,” Courtney Thompson, assistant general counsel for Ditech parent company Walter Investment Management Corp., told the Business Journal.
The company would not confirm specifics about the Greensboro layoffs, according to HousingWire.
A Florida-based mortgage company is cutting more than 130 jobs at offices in Texas and North Carolina.