Washington Mutual is laying off 256 workers from its Florence, S.C., support center, a spokesman confirmed today.

This is the second layoff at the Florence support center this year, the spokesman, Tim McGarry, confirmed. In January, 26 workers were let go from the center.

In February, the company said it would close 10 of its 26 home-loan processing centers, eliminating 2,500 jobs.

Washington Mutual, the third-largest U.S. mortgage lender by total volume in 2004, at that time said the cuts represented about 4 percent of a workforce of 60,000 at the Seattle-based savings and loan.

Other home-loan specialists, including Countrywide Financial Corp. in Calabasas, Calif., and Ameriquest Mortgage Co. in Orange, Calif., have reported the effects of the mortgage market slowdown. Loan production at Countrywide was $33 billion in January, compared with $44 billion in December.

Yesterday, the parent company of Ameriquest Mortgage Co. and Town & Country Credit said it will close 229 branch offices and lay off 3,800 employees nationwide as part of a plan to consolidate its retail mortgage lending operations.

Washington Mutual said the current layoffs will help its realignment as it concentrates on higher-margin loans, McGarry confirmed.

The company also plans to bring a secondary mortgage market operation to Florence this summer, which could add 81 jobs, McGarry confirmed.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription