based in new jersey homebridge financial services will lay off 139 employees in June, three months after its acquisition of its retail division. CMG Mortgage Co., Ltd..
Worker Adjustment and Retraining Notice (WARN) Filed in New Jersey Workforce Development Authority Job cuts will impact mortgage officers, eventual “docs” associates, desktop support professionals, business solution architects, and more.
“As a result of the sale of part of the business, Homebridge Financial will exit all retail operations,” the company’s general counsel, Philippe Schild, wrote in a statement.
Spokesmen for CMG and Homebridge did not immediately respond to requests for comment.
The layoffs will take place on June 26th, but an additional date of August 31st was also included in the WARN notice. According to the documents, the employee will be paid wages or salaries up to the date of dismissal. Retirement benefits are also provided in accordance with legal requirements.
California-based CMG, which claims to generate more than $19 billion in 2022, signed a deal on March 6 to acquire Homebridge retail assets to expand its footprint in the channel. Announced.
Ultimately, Homebridge retained its wholesale divisions: Homebridge Wholesale and REMN Wholesale. In addition, CMG CEO Peter Norden will ensure a successful transition as executive advisor to CMG’s retail division.
Homebridge, which has more than 1,600 employees and more than 180 retail locations across the United States, claims to bring in $12 billion in transaction volume by 2022.
Around Inside Mortgage Finance The company was the 39th largest mortgage lender in the United States last year, according to data. (CMG was the 27th largest for him).
In 2022, Mike Cagney’s figure technologies We signed a deal to buy Homebridge. However, the deal was scrapped just 10 months after the announcement because regulatory approval was not forthcoming and the demand for the new technology was too strong to wait.
