Layoffs are sweeping the real estate industry as the market continues to cool.
Shasarina McCormick says she worked in RoundPoint Mortgage’s communication department for six years before getting laid off in June.
She’s one of thousands laid off in recent months by large mortgage companies including Redfin, Chase and Wells Fargo. McCormick says RoundPoint let go several of her colleagues on the same day as her.
What You Need To Know
- Mortgage companies including Redfin, Chase and Wells Fargo recently laid off thousands of employees across the U.S. due to a decline in real estate demand
- Redfin says it downsized by 8% due to a 17% decline in demand
- Shasarina McCormick worked in RoundPoint Mortgage’s communication department for six years before getting laid off in June
- After working in the mortgage industry for 17 years, McCormick is looking at other careers
“We never in a million years thought that there would be a layoff,” said McCormick.
Redfin says it downsized by 8% due to a 17% decline in demand.
Between cooking, cleaning and caring for the kids, McCormick says she spends five hours a day searching for jobs — even outside of real estate.
She’s worked in the industry for 17 years altogether, and this is the first time she’s ever had to seek assistance for her mortgage and food.
“It doesn’t feel good. I’m not gonna lie. It takes a hit at your pride,” she said. “Especially if you’re someone that is used to taking care of yourself, taking care of your kids, paying all of your bills without any type of assistance.”
RoundPoint Mortgage didn’t respond to several requests for comment on this story.
But there is light at the end of the tunnel for McCormick. After submitting around 30 applications — she says she has two job offers on the table. Both are outside of the mortgage industry.