The previous layoff round in June was also described by an employee as one which affected all departments and was focused on the reverse business, which took place on the heels of a prior round that affected AAG’s traditional/forward mortgage business.ĪAG is the latest in a vast list of forward and reverse mortgage lenders trimming their workforces. Sources indicated that hundreds of employees were impacted by the layoff round in June.Ĭalifornia-based AAG is the top reverse mortgage lender in the nation, with 18,390 endorsements over the 12-month period ending in July 2022, according to data compiled by Reverse Market Insight (RMI).Īccording to a professional who requested anonymity, a company executive described this layoff round as a major event that is impacting all levels of the organization. It remains unclear how many jobs were shed, though the company has around 1,500 employees according to an internal estimate previously provided to RMD. No additional details about the layoffs are known. Social media posts from affected employees included jobs listed in the company’s brand strategy and loan processing divisions. When reached, representatives for the company declined to comment, nor did they provide any additional details.Ĭurrent and former employees described the action as a “mass layoff,” striking at several different levels of the organization this week, including on Thursday afternoon. Industry-leading reverse mortgage lender American Advisors Group (AAG) instituted a round of layoffs this week, the second such instance since June that impacted the company’s reverse mortgage employees, according to multiple sources.
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