Mr. Cooper lays off 420 employees

Another week, another major cut from a lending firm.

Mr. Cooper is laying off 5% of its total employee base, leaving around 420 staff members – most in originations ­– without a job, adding to the 250 employees the firm already cut in Q1 2022.

Mortgage employees have been under the gun in recent months as inflation and interest rates continue to rise. As for Mr. Cooper, most of the terminations will take place in its California workforce, with 120 cuts at its Santa Ana office, effective mid-July.