I was wondering when this would happen, as things seemed a little too quiet at Quicken Loans considering the ongoing mortgage crisis.
The Livonia, Michigan-based mortgage lender, which has a sizable 3,500 employee workforce, announced today that it cut 250 jobs throughout all departments in multiple locations, partially as a result of lower mortgage production.
Quicken Loans spokeswoman Elizabeth Jones said the cuts were made to align staff with the company’s current loan volume, but stressed that no further layoffs were planned.
She also attributed the cuts to Quicken’s increased reliance on automated and online systems for mortgage processing and other duties.
The release noted that the company had weathered the storm better than nearly all other companies, although it’s not clear how or why.
Quicken Loans, a unit of Rock Holdings Inc., is the self-proclaimed largest online lender in the nation, supported by physical locations in Livonia, Cleveland, Scottsdale, and San Diego.
The company sponsors the Quicken Loans Arena in Cleveland, home of the Cavaliers and the Lake Erie Monsters hockey team.