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Gateway Mortgage announces California layoffs


The bleeding continues in the U.S. mortgage market.

Oklahoma City-based Gateway Mortgage Group is closing eight retail outlets in California and laying off 25 employees “due to the complexities and uniqueness of the California market,” the company said.

“At Gateway Mortgage Group, we are continually evaluating all aspects of our business, our processes, the products we offer and the markets we serve,” said Scott Henley, executive vice president, in a statement.

“As part of our overall strategy for long-term growth and efficiency, we have elected to close our California branches.”

The company said it would still be active in California through its correspondent channel, however. Gateway also indicated it was growing elsewhere, opening 12 offices in eight states in the third quarter and a total of 35 offices in 2018. Gateway has added a total of 309 jobs year to date to employ 1,225 people, the company said.

Gateway is the latest mortgage company to announce layoffs in the wake of falling loan volumes and stiff competition for customers. JPMorgan Chase & Co., Movement Mortgage and Wells Fargo have all announced layoffs this fall. 


 

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