Consumers aren’t the only ones feeling the pinch from the rapid rise in interest rates this year. More mortgage firms are starting to let workers go as demand for mortgage refinancings falls off a cliff.
Employees at American Financing Corp. in Aurora experienced the harsh new reality facing the mortgage industry Monday when they were called to a Zoom meeting titled “Our Future Includes You.” For a large, but undisclosed number, that description wasn’t entirely accurate.
“The mortgage market is starting to normalize after being incredibly hot for the past two years. Like many lenders, we’ve had to assess our business needs and workforce alignment. We explored many angles but unfortunately had to lay off some of our employees. Those affected are receiving severance and benefits,” said Susan Cahill, president and COO at American Financing in an email.
