Nonbank lender loanDepot is making what appears to be the largest series of cuts in the mortgage industry this year, eliminating 4,800 jobs over the course of 2022.
Overall, the California-based lender is implementing a program dubbed “Vision 2025” to save between $375 million and $400 million on an annual basis, including headcount reduction, process optimizations, real estate consolidation and reduction in marketing and third-party spending.
The company will go from 11,300 employees at the end of 2021 to 6,500 by the end of 2022, loanDepot said in a filing with the Securities and Exchange Commission on Monday. The workforce reduction will details ⇒
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