Keller Mortgage, the lending arm of real estate holding company kwx, is the latest firm to be hit by the rapidly decreasing demand for mortgages.
On Monday, the company underwent a “mass layoff,” according to posts by former Keller Mortgage employees on LinkedIn.
This is at least the second round of layoffs at Keller Mortgage this year, the first known job cut taking place in late May. The May layoffs mainly impacted operations positions.
“In light of macroeconomic market conditions, on Monday of this week we further restructured the mortgage operations group within our Keller Mortgage business,” Darryl Frost, a spokesperson at Keller Williams, wrote in an email confirming the layoffs.
According to data from mortgage recruiting software Modex, Keller Mortgage originated roughly $2 billion in mortgages over the last 12 months. According to the NMLS, as of October Keller Mortgage had 111 active loan officers spread across 28 branches.
During the week ending Sept. 30, mortgage applications decreased 14.2% from the prior week, hitting the lowest level since 1997, according to the latest survey from the Mortgage Bankers Association.
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Frost also noted that impacted individuals were offered severance pay and will receive health benefits through the month of October. In addition, he confirmed that all impacted individuals are welcome to apply for other positions in the Keller Williams ecosystem for which they are qualified.
“We remain committed to assisting our impacted employees and to growing our mortgage offerings over the long term,” Frost wrote.
As the housing market cools from the frenetic pace of the pandemic market, many firms across the real estate ecosystem from brokerages to proptech companies and title insurers have been forced to make cuts.
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