Inflation is on the rise, for those who locked in cheap rates on their homes rising rates interest hikes are being seen as a benefit. Goods and service prices are through the roof across the country, the latest CPI Report showed a 9.1% inflation rate average for the American Economy in June 2022.
Mortgage lenders across the country have began letting staff go & easing into a probable recession looming on the US Economy. As lending demand lowers due to rate hikes, home buyers who trusted their intuition and locked in historically low rates on their homes have something to celebrate. To learn more about how Mortgage lenders are handling quantitative rate hikes, we took a look further at what’s going on under the hood across the country.
Some of the nation’s largest mortgage lenders such as: JP Morgan Chase, LoanDepot, & Banco Santander have let go of thousands of employees throughout the year of 2022.
JP Morgan Chase
HQ: New York City
Lay Off Began: June
JP Morgan Chase has recently laid off over 1,000 employees within their organization with fears looming of an incoming recession & less consumer demand for home lending products.
Lay Off Began: April
Banco Santander has laid off over 250 employees as a result of the Federal Reserve’s decision to raise interest rates to combat inflationary pressure across the country.
HQ: Foothill Ranch, CA
Lay Off Began: July
The publicly traded lending giant has unveiled a plan to let go of up to 4,800 staff in the coming months as a part of their “Three year restructuring plan”.
Information & Data cited from National Mortgage News.
With the nation’s largest lenders moving to retract and hedge looming rate hikes and a potential recession, consider waiting for the Federal Reserve to do their duty and get the US Economy back on track to stable inflation.