Citicorp to layoff 700+ mortgage professionals a week before christmas.

According to Las Vegas news stations Citicorp, also known as Citibank, will be closing its mortgage lending division by the end of the 2013 year. That leaves 700+ (760 as first estimate) out of a job one week before Christmas. Citicorp is based out of New York, NY. The company made an announcement that stated the closure is part of a nationwide reduction effort that will results in 1,000+ layoffs. The company is doing the same thing in Irving, Texas although many of the employees will be reassigned to a different position. The company said the layoff is just a response to the low demand for new mortgages and the refinancing of current loans. The Citibank Call center will not be affected, nor will any of its 300+ employees.

“In response to decreased demand for mortgage originations and refinancing, CitiMortgage is eliminating some positions in sales, fulfillment, underwriting and mortgage default functions predominantly at Citi sites in Las Vegas and Irving, Texas,” Mark Rodgers, director of Citi public affairs, said in a statement issued today.

Severance packages will be based on time of service to the company plus an additional two months of paid benefits. Home mortgage interest rates continue to be at or near record lows, but Rodgers said the refinancing market has slowed because most people seeking to refinance have already done so.

WHat this means for anyone looking for a mortgage

If you or someone you know is interested in finding out more information about obtaining a new mortgage or a mortgage refinance, you can always call Valley West Mortgage and out team of mortgage professionals.