For the third time in the last eight months, LendingTree has conducted mass layoffs amid ongoing troubles in the mortgage industry, leaving the company with roughly 1,000 employees.
The Charlotte-based mortgage lender and lead provider laid off 220 employees, or about 20 percent of its remaining work force last week, with the bulk of the cuts believed to be in Irvine, California, although others took place in Charlotte, NC and Jacksonville, FL.
LendingTree had previously laid off 440 employees in May and 250 employees during September, company spokeswoman Rebecca Anderson said.
Anderson noted that among other things, “continuing deterioration in the mortgage industry” along with negative industry forecasts led to the layoffs.
Last month, parent company IAC/Interactive reported a $5.6 million third quarter loss in the lending unit, compared to a $15.2 million profit a year ago.
IAC/Interactive also announced that its board approved plans to spin-off LendingTree as its own separate publicly traded company.
Two years ago, LendingTree employed more than 2,000 workers nationwide and had plans to hire more.
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