Rocket Mortgage to cut workforce as home loan market contracts

The nation’s largest lender is looking to cut its workforce amid a mortgage market contraction after two years of record loan volume.

Officials said Monday that Detroit-based Rocket Mortgage and Amrock, its title company, are offering voluntary buyouts to 8% of employees. Rocket Companies, which includes Rocket Mortgage, employs 26,000 people, most of them in Detroit.

The affected employees are primarily in Rocket Mortgage’s operations team and in groups within Amrock, officials said. Crain’s Detroit Business first reported on the buyout program.

“One of our responsibilities as a company is to provide our team members with fulfilling careers, and we have been able to do so for tens of thousands over the last 36 years,” Mike Malloy, managing director of Rocket Central, said in a statement. Monday statement. “During that time, we have been through several market cycles, similar to what the industry is experiencing today.

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