Mortgage Lenders Lay Off More Workers as Loan Activity Dries Up
- Angel Oak, Lower.com and Keller have recently reduced staff
- Fewer people look to buy homes or refinance as rates rise
This article is for subscribers only.
Mortgage firms including Angel Oak and Lower.com have laid off employees after a jump in lending rates to 15-year highs dramatically slowed borrowing.
Atlanta-based Angel Oak Home Loans, a retail lender, last week cut 57 employees, amounting to 15% of staff, according to a spokesperson. An affiliated wholesale lender, Angel Oak Mortgage Solutions, laid off 75 people, or 20% of its employees, in the third week of September.