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Keller Mortgage, a lender owned by kwx real estate holdings, is the latest company to experience a sharp drop in mortgage demand.
The company suffered “mass layoffs” on Monday, according to a former Keller Mortgage employee on LinkedIn.
Either way, this is Keller Mortgage’s second layoff this year, with the first expected at the end of May. The layoffs in May primarily affected operational positions.
Keller Williams spokesman Daryl Frost said in an email confirming the layoffs: “Given macroeconomic conditions, we continued to restructure the mortgage operations team of the Keller Mortgage Business on Monday this week.”
According to data from Modex Mortgage Lending Software, Keller Mortgage originated nearly $2 billion in mortgages over the past 12 months. According to NMLS, Keller Mortgage had 111 active lenders in 28 branches as of October.
Mortgage applications fell 14.2 percent in the week ended Sept. 30 from the previous week, the lowest level since 1997, according to a recent survey by the Mortgage Bankers Association.
Frost also offered severance payments to the victims, noting they would receive medical care through October.
He also confirmed that all relevant individuals can apply for other qualified positions within the Keller Williams ecosystem. “We are committed to helping affected employees and expanding our long-term mortgage loan offerings,” Frost wrote.
As the real estate market cools with a market bust pandemic, many companies in the real estate ecosystem are being forced to downsize, from brokers to proptech companies and insurers.
Reference Source: Housing Wire
