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AmeriFirst Dwelling Mortgage will shed dozens of employees in February because the ramifications of a major slowdown for the business prolong into the subsequent yr.
The Kalamazoo, Michigan-based lender and servicer will terminate roughly 59 workers at its Portage, Michigan workplace on Feb. 12, 2023, in accordance with a Employee Adjustment and Retraining Notification. The submitting final week to the Michigan Division of Labor and Financial Alternative indicated not less than eight managers could be minimize, though it did not reveal if mortgage officers or underwriters could be affected.
The layoff was first reported by MiBiz. In a press release to the publication, AmeriFirst CEO Mark Jones mentioned rising rates of interest had been forcing the agency to cut back its operations. AmeriFirst will nonetheless originate and repair loans from the Portage department and different areas, he mentioned.
Not one of the impacted personnel are represented by a union nor have bumping rights concerning seniority. The WARN was filed forward of the required 60-day discover, and workers had been knowledgeable of the layoffs final week, in accordance with the disclosure. Departed workers will probably be paid wages and advantages by their date of separation, though it is unclear if they will obtain severance. A spokesperson for AmeriFirst did not reply to a request for remark Tuesday morning.
Amerifirst was based in 1983 and as of earlier this yr counted 963 workers throughout branches in 20 states coast-to-coast. The lender and servicer presents typical, government-insured and residential enchancment loans.
The wave of layoff bulletins throughout the business has slowed in December, though some beforehand introduced cuts went into impact earlier this month. Title insurer Doma and mortgage large Finance of America have additionally indicated giant rounds of cuts extending into the primary half of subsequent yr.
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