Plano, TX Mortgage Industry Leader Lays off 75% of Staff

Real Estate News TV

What? Oh. Mortgage industry leader lays off 75% of people and their office is in Plano. So we’re going to show some of this information off here. 70, 86, 70, 76% of their workforce. So we’re going to go ahead and share the screen and give you some information. Non QM lender fires three quarters of their workforce. All right. And so they’re trying to get ready for what they think is going on first. Guardian Mortgage is the name of the company. They are headquartered in Plano. So I’ll bring this up to you because it is local and it is real estate related. Now a non QM loan also could be known as a business owner loan and they just laid off 76% of their workforce to try to help things out. So they are ready for a correction. Right. So they said they’re having a hard time getting funding, right? Yes, they are having a hard time getting funding. And it’s they expect to have some losses and what’s going on. And people don’t know exactly where we’re going with the economy. And they preemptively had, you know, operating losses and cash flow challenges. So by the way, we had a guy yesterday that did this exact loan. We actually put him in touch with a lender on Sunday. Yes. Who was a previous TMT guest who specializes in business owner loans. We were working a deal and kind of got in a crunch and called him and he picked up the phone on a Sunday night, Sunday night after 7 p.m.. And I mean, it was kind of incredible. So now we turned that frown upside down and got our deal. This is one of the problems with the mortgage industry is if you work for a big lender, they do typically hire a lot of people during different times and then they fire a lot of people when rates go up. So their hiring would be related to lower interest rates and they’re firing would be related to higher interest rates. And it’s kind of a thing, right? And it’s cyclical on how it works. Tough place to have a job where your job is based on the interest rate, not how you’re doing. Right. And so what kind of happens is people are like, well, if we’re quick to fire and we lay everybody off, then we can be around for when interest rates go back down. And then when all the people refinance, we’ll just bring all the people back, right? We’ll find new people. I don’t know if that’s the right way to do it or what goes on or how you should be conducting your business. I’m just reporting. Yeah. What kind of goes on. So there are some people that have been laid off. If any one of you guys know those people, I don’t know what to say. Right. Like condolences, but the economy is good and you should be able to find something. You might almost be happy that it happened quickly so they can bounce back and find something else, right? While everything is still as hot. As it is a sign of things to come. Maybe that you know, of. Of our stabilization and market correction, you know, you might see more of this. --- Send in a voice message: https://podcasters.spotify.com/pod/show/realestatenewstv/message