More mortgage professionals, from fintech startups to publicly traded lenders, announced layoffs. New American Funding confirmed it is terminating another 300 employees, letting go of 625 workers since the beginning of the year. Mortgage fintech Ribbon let go of 136 employees at the end of July. It stated that the current market conditions pressure the company to evolve. Lender Open Mortgage also announced that it cut a small number of workers in its reverse mortgage operations, even though that channel is doing well. However, the company still expects to pursue its growth plan, which included the opening of 17 new branches back in January.
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