San Diego Mortgage Company in Trouble
A San Diego mortgage lender is closing its offices as part of substantial cuts to its work force in the wake of the credit market crises.
Accredited Home Lenders is the latest in a long line of bad credit mortgage loan companies to shut its doors amid widespread credit concerns.
The mortgage company said that about 52 employees would impacted by the closing of the Irving, Tex., office, the Dallas Business Journal reports.
The layoffs are expected to begin September 5 and continue through October 1, the company said in a notice filed with the Texas Workforce Commission.
“These decisions were made out of necessity in light of the continued and widely publicized turbulence in the mortgage and financial markets, but with a heavy heart,” said Accredited Chairman James Konrath.
“Many of the people who are affected by these decisions are the productive, dedicated and loyal colleagues we have had for many years. We’ll miss them and the enthusiasm and creativity that they brought to their jobs.”
The mortgage company is closing substantially all of its retail home loan lending business, which consists of 60 branches and five retail support locations, as well as five of its 10 wholesale divisions.
About 480 jobs will be cut nationwide in the retail lending business, and another 490 in the wholesale business, as the mortgage industry tanks.
Accredited will continue to operate its San Diego mortgage customer retention unit, which primarily assists its loan servicing customers.
SOURCE: Dallas Business Journal