A national online mortgage lender has given walking papers to a fifth of its staff as it feels the squeeze from rising rates.
Charlotte, N.C.-based Wyndham Capital Mortgage laid off 78 people this week, according to a report in the Charlotte Observer. The lender said in a statement that the layoffs — which affect nearly all departments — were intended “to appropriately align its operating model and staffing levels to the changing market conditions.”
The cuts total 21% of Wyndham’s staff, according to the Observer. Following the layoffs, the company has a total of 293 employees.
“As a leaner, more technologically advanced and agile organization, Wyndham Capital Mortgage, Inc. is well-positioned to continue to operate as one of the best online direct-to-consumer mortgage companies in the country,” the company said in a statement to the Observer.
The cuts came as mortgage companies have been feeling pressure from rising rates. Although mortgage rates have recently backed off, they’ve been rising in recent months and are expected to climb even higher in 2017.
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