Movement Mortgage has announced that it is pink-slipping 100 employees nationwide in an effort to prepare for an industry slowdown.
The South Carolina-based mortgage company said the cuts were due to slower-than-expected loan growth, according to a report by The Charlotte Observer.
“At Movement, we have a commitment to long-term growth and impact. This year, we are growing slower than we expected,” Movement CEO Casey Crawford said in a statement. “We believe our decision to adjust our operations is in the long-term best interest of our entire movement community.”
The company, which employs about 4,000 people nationwide, said that rising interest rates, increased competition and tight housing inventory prompted the decision.
At the same time, Movement also said that it has been profitable every year since its founding, and expects another profitable year in 2018. Last year, it posted more than $12.8 billion in loan volume, according to the Observer. Despite the layoffs, Movement said that it is actively recruiting loan officers and plans to grow its sales force this year.
However, the recent layoffs aren’t the first at Movement this year. In February, the company axed about 75 people in operations roles, the Observer reported.
The current layoffs will affect staff in the Charlotte, N.C., area, Norfolk and Richmond, Va., and Tempe, Ariz., the company said.
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