New American Funding confirmed it cut 160 jobs in its consumer direct division as elevated mortgage rates continue to suppress refinance volume. The California-based lender, founded in 2003 and now operating about 330 branches with 2,646 loan officers, has originated $12.5 billion in mortgages year to date. AI Summary
New American Funding (NAF) has laid off 160 employees in its consumer direct division, the company confirmed to HousingWire on Thursday, as elevated mortgage rates continue to pressure lenders.
A spokesperson for the Santa Ana, California-based lender said the workforce reduction was made “in response to current mortgage market conditions.”…