Home Point Capital reveals another large-scale layoff

Company spokesman Brad Pettiford confirmed that, starting in November, Homepoint will slash 217 jobs at two offices in Ann Harbor, Mich. To put that in perspective, the firm employed approximately 3,000 employees last month, with around 500 people in Michigan.

“We are in the process of taking the painful step of reducing our workforce to ensure Homepoint is best positioned to navigate the current high-rate, low-margin environment,” said Pettiford.

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While the company tried to avoid major layoffs, Pettiford said that “continually worsening market conditions” have pushed Homepoint to make this “additional step.” Employees have been given a 60-day notice.

“While these decisions are difficult, we remain committed to building a sustainable company that provides a best-in-class experience to the partners and customers we serve,” Pettiford added.