CHARLOTTE, NC (Katherine Peralta/The Charlotte Obs - Wyndham Capital Mortgage on Tuesday laid off 78 people in Charlotte, a move that comes amid industry pressure from rising mortgage rates.
According to an emailed statement, the local lender said the staff reduction was intended "to appropriately align its operating model and staffing levels to the changing market conditions."
The cuts represented 21 percent of its staff. The reductions leave the company with a total of 293 at its SouthPark offices, a spokeswoman said.
"As a leaner, more technologically advanced and agile organization, Wyndham Capital Mortgage, Inc. is well-positioned to continue to operate as one of the best online direct-to-consumer mortgage companies in the country," the company said.
Such cuts aren't entirely unexpected in the current mortgage rate environment.
Mortgage rates have been rising in recent months and are expected to climb even higher into 2017 under the new administration of President-elect Donald Trump, economists say. The trend softens the demand to refinance homes, thus increasing the likelihood of mortgage personnel cuts.