Posted by Linda_H/FL on 10/4/13 7:14am
Msg #486977

PHH Mortgage - Jacksonville

Laying off over 300 people in their mortgage department due to drop in apps as a result of higher interest rates - all layoffs are in the mortgage origination area.

Just heard on news.

Reply by Christine/OK on 10/4/13 7:20am
Msg #486979

:`( n/m

Reply by 101livescan on 10/4/13 7:24am
Msg #486980

It certainly is a trend in the industry

I did an in branch Chase closing yesterday morning. It is a new branch in Montecito, so now we have 8 Chase branches and only three loan officers. With the addition of three more branches in the last year, they are not adding LOs, and all the processing happens out of state or in Beverly Hills.

Wells also laid off a number of LOs and others in SB in the past 50 days, and there are only three LOs at BofA here for 6 branches in the greater Santa Barbara area.

Deadly quiet except for purchases and sales. I had one refi, into a 7 year ARM. One purchase and two sellers packages yesterday, and that's pretty much how it is these days. I did have two commercial refi's this week.

Belt cinching. So I'm cinching my belt too.

Interesting concept at Chase in Montecito. There is one teller. Four teller stations are all high tech, self serve, no deposit or withdrawal slips. The LO met me there from another branch, smack between Wells Fargo Home Mortgage and a Sotheby's.

Reply by Linda_H/FL on 10/4/13 7:28am
Msg #486981

In case someone wants a reference

http://www.bizjournals.com/jacksonville/news/2013/10/03/phh-slashes-mortgage-origination.html

Reply by ME/NJ on 10/4/13 7:37am
Msg #486982

As of this morning rates have dropped to 4.22%

Only problem now is all applications are on hold. There are other reasons for the major layoffs that no one wants to address as is the fact companies will need to provide healthcare coverage for anyone who works over 29 hours and that will hit the pocket book big time.

Year end numbers, with the slow down these companies need to show boards they have taken actions to reduce cost to make up for lack of influx of money. Once the Fed is open and running again they will push things threw for EOY.