Non-QM lender Kiavi shrinks workforce by 7%

According to sources familiar with the matter, employees received an . from Kiavi saying the lender was laying off staff in several departments “to reduce our cost structure and protect the financial health of the company.”

“After updating our financial projections for the recent changes, we identified a cost savings target necessary to ensure we can generate sufficient cash in 2023,” a presentation slide shared with the terminated employees showed.

Of the 39 impacted workers, 12 were from the human resources team, and the rest were in operations, risk and compliance, legal, finance, business operations and marketing divisions. They will receive 12 weeks of severance pay.

Two fired employees from the HR department confirmed the layoffs via LinkedIn.

“I was, unfortunately, part of a layoff with Kiavi, and it saddens me that I have to write this post,” Kellie Gosger, recruiting coordinator, wrote on the platform. “I have gone through the grieving process, and I’m learning to accept that it is time to find something new. I have met some incredible people in my 10 months with the company and have enjoyed the entire experience.”