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.