Jeff Ostrowski
Alexandra Clough
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More mortgage layoffs on the way
I’ve been dutifully making note as companies such as First NLC, HomeBanc and First Magnus ax workers in Palm Beach County. Expect more bloodletting in the mortgage industry, according to a story in yesterday’s American Banker.
“Tom LaMalfa, a managing director with Wholesale Access Mortgage Research and Consulting Inc. of Columbia, Md., predicted that the number of mortgage loan officers nationally would fall by almost half from the beginning of 2007 to mid-2008, to about 175,000,” the trade pub writes.
“Brokers … who have been doing 80 percent refis and subprime should probably consider a career change, or at least an extended vacation,” he said.
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