Mortgage company laying off workers in Charlotte area, elsewhere
Movement Mortgage said Thursday it is laying off about 180 employees nationwide, including more than 70 in the Charlotte region, the latest instance of the lender trimming staff while citing slowing business.
Movement, founded by former Carolina Panthers tight end Casey Crawford, said in a news release it will eliminate the positions, including 75 at its Indian Land, S.C., headquarters. The cuts will be effective Friday, the company said.
The decision was based on a nationwide downturn in the housing market, Movement said. Loan volume industrywide has been lower than in previous years, and forecasts for new loans in 2019 have recently been lowered due to higher interest rates, low housing inventory and rising home prices, among other factors, according to the company.
Crawford, in the release, called it a very difficult decision “because it affected teammates we love,” adding that the company was grateful for their contributions.
“We believe we’re taking the necessary steps to continue to provide outstanding service for our customers, loan officers and communities long-term by adjusting to the reality of the mortgage business today,” he said.
Besides Indian Land, employees affected by Thursday’s announcement work in Norfolk, Va.; Tempe, Ariz.; and Richmond, Va., Movement said. Affected positions involve multiple operations and support functions, the company said.
It’s at least the third round of layoffs at the company this year.
In May, Movement said it was laying off 100 employees nationwide, including 18 in the Charlotte area. And in February, it quietly laid off employees at its headquarters and other offices across the U.S., a decision Movement said affected about 75 people in operations roles.
The company said Thursday that employees will receive severance pay and related benefits.
Spokesman Adam O’Daniel said that after the cuts, the company will employ about 3,800 people nationwide.
This story was originally published October 4, 2018 at 3:30 PM.