A South Carolina-based lender has slashed the headcount at its local office as part of a company-wide workforce reduction.
Movement Mortgage is laying off 35 employees in Richmond, along with cuts at its locations in Norfolk, Tempe, Arizona and at its headquarters in Fort Mill, South Carolina.
A total of 180 positions are being cut. The affected employees were notified Oct. 4 and the positions will be eliminated effective Nov. 1.
The company said it is making layoffs due to a nationwide downturn in the housing and mortgage market.
“Loan volume across the industry this year has been lower than in previous years and lower than many forecasted,” Movement CEO Casey Crawford said in a statement.
Crawford, who played football at UVA and in the NFL, founded Movement Mortgage in 2008. The privately held mortgage bank has over 4,000 employees across nearly 800 offices nationwide. Its local office is located at 8720 Stony Point Parkway.
Movement spokesman Adam O’Daniel said the 35 positions eliminated in its Richmond office were in its mortgage operations department and that no loan officers were affected.
The employees affected will receive severance pay and other benefits, Crawford added.
The company would not specify how many employees will remain at its local office.
The Movement cuts are the second round of layoffs in the Richmond region in the last week. Snag, formerly known as Snagajob, last week laid off 15 employees at its Innsbrook office as part of a reduction of 60 positions eliminated in Virginia and South Carolina.