Metlife Home Loans is laying off most of their 4,300 employees that are associated with mortgage loan origination and EXITING THE MORTGAGE ORIGINATION BUSINESS ALTOGETHER! The Bloomberg article announcing this is below.
Previously, Bank of America had announced that it was eliminating 30,000 (with 4 zeroes) employees in the next few years. Citigroup Inc., the third-biggest U.S. lender by assets, plans to cut about 4,500 jobs in coming quarters to trim costs amid slumping revenue, CEO Vikram Pandit announced last month
It used to be a safe bet to do business with the larger banks because they were stable. Though many complained about “big bank service”, clients wanted to be able to say that they dealt with a large and stable bank. At a time, that may have meant something. I think it is reasonable to say that that stability is now gone and the mortgage climate is changing. Buyers and Sellers Beware!
No one should sacrifice quality service for the “stability” mirage.