Interfirst sheds LOs

Let's talk about layoffs. The term in the mortgage industry is Voldemort-esque –  something that happens, but must not be named.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Hey there, LOs!   Let's talk about layoffs. The term in the mortgage industry is Voldemort-esque –  something that happens, but must not be named.   Which is why news of Interfirst Mortgage's plan to lay off 77 employees in their Charlotte, North Carolina office in January caught my attention. Of the 77 employees who will receive pink slips, 49 are loan officers.    The Chicago-based company announced its intentions via a Worker Adjustment and Retraining Notification Act (WARN) notice filed in North Carolina. Only seven states require WARN notices from employers.   The mortgage lender declined to comment when I asked them why they're laying off the staffers.   Interfirst's Charlotte office opened less than a year ago, and at that time it was touted as the company's second headquarters for its wholesale business. Casey Nunn, a former Rocket Mortgage and Homepoint executive, was brought on to run the hub and was actively advertising that the office was in need of new employees.    Furthermore, in October, the company announced that they raised $175 million from investors to help the company accelerate growth and fund new technologies. Interfirst also told HousingWire's James Kleimann a few months ago that it originated $1.65 billion in volume between June 2020 and June 2021.   By all accounts, the lender, which relaunched its operations in 2020, was starting to revamp its business. So what explains the layoffs?   Here's one theory: the LOs who are being laid off have predominantly been working on refi loans at the Charlotte call center, and refis of course are expected to slow down dramatically in the coming months. This all suggests a heavy pivot toward building out the broker channel.    LOs – what do you think about the Interfirst layoffs? Is this simply part of Interfirst's business strategy? Or do you think they're merely the first lender to start shedding LOs – and others – as refi business dries up?   Email me anonymously at mvolkova@housingwire.com    Maria Volkova Mortgage Reporter, HousingWire Interfirst Mortgage to lay off nearly 50 LOs Mortgage Chicago-based Interfirst Mortgage Co. will lay off 77 employees in its Charlotte, North Carolina office come January 2022, a WARN notice filed by the company reveals.  Our connections are your connections They say it's who you know that counts. And at PennyMac, we know a lot of people. So, when you work for us, you'll work in an environment where warm leads are provided, which means less cold calling for you. Hiring Loan Officers. Apply Now! Sponsored by PennyMac How credit scores impact lenders' pipelines in a purchase market Presented by CreditXpert With the purchase market becoming a primary emphasis for lenders in 2021, HousingWire sat down with CreditXpert VP of Marketing Mike Darne to talk about credit trends in a purchase market and how that impact lenders' pipelines. Will Omicron variant stop first Fed rate hike? Politics & Money, Mortgage, HW+ Exclusive Content What does news about the spread of the new Omicron variant mean for mortgage rates? Lead Analyst Logan Mohtashami lays out what to watch. Why are builders happy despite new homes sales miss? Politics & Money, Real Estate, HW+ Exclusive Content Given that new home sales are down, why has the builder's confidence index risen so much in recent months? HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039 Manage preferences

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