In what some called a surprise move, Nurez fired some regional and division managers who had been brought on board as part of the mortgage store.
Nurez declined to give an estimate of how many leaders were affected by the layoffs, calling it a “flattening of the organization.”
A top executive at the company said on Thursday that Newrez is “100% committed to decentralized retail channels.” They also emphasized that “connecting our service portfolio and service leads on a local basis is really a differentiator in how we connect with our customers.” factors.”
Caliber remains with “two retail units and five regional units”, according to an industry stakeholder who spoke on condition of anonymity. After the layoffs, these managers are apparently turning to OneTrust Home Loans and urging their loan officers to do the same.
Mortgage veteran Paul Hindman added that most mortgage companies are currently in the process of “breaking things and reinventing them.”
“How to respond to the economy, employment and sentiment when 50% of the mortgage business is shut down within six months is primarily a market event, but decisions must be made. Corporate cultures are not created equal, and so are the egos of senior executives. Not equal or their decision,” he added.