California lender New American Funding issued pink slips to 240 employees last week, bringing the total cut this year to nearly 1,000. The force reductions come after two years or rapid expansion.

“The mortgage market slowdown is unfortunately affecting our entire industry,” Rick Arvielo, CEO of New American Funding, told HousingWire in a statement. “It is our duty as stewards of this company to ensure that we are properly positioned and able to responsibly navigate the current marketplace.”

Arvielo said the company made the difficult decision to make layoffs “as part of an effort to align our company for continued success now details ⇒

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