Sunday, December 17, 2017
Business

SunTrust lays off 67 in Tampa mortgage unit

SunTrust is laying off 67 employees in its Tampa mortgage unit, the latest of multiple cutbacks industrywide tied to fewer troubled loans and fewer refinancing applications

The cuts in the bank's downtown Tampa offices will take effect Dec. 31, according to a WARN layoff notice filed with the state.

SunTrust, based in Atlanta, previously said it was eliminating about 800 jobs company-wide because of dwindling mortgage demand.

Bank spokesman Mike McCoy said the affected Tampa employees have been dealing with independent mortgage brokers, a unit that is being eliminated under a restructuring of the mortgage operation. Going forward, SunTrust is focused on lending directly to consumers and through its retail branches.

The bank's layoffs are just the latest in a string of related cuts:

• JPMorgan Chase eliminated 208 mortgage jobs in Tampa Bay in October on top of 435 job cuts it revealed in June. The megabank also closed several business units in Tampa set up to help distressed homeowners, indicating its pipeline of troubled loans had slowed dramatically.

• Bank of America is laying off 3,000 mortgage workers, including at least 50 in the Tampa Bay area, by the end of the year.

• Mortgage Investors Corp. in October laid off nearly 500 workers, including 256 in its St. Petersburg headquarters, and stopped making new home loans. The lender blamed the latest layoffs on the costs of complying with new regulations, but cited dwindling refinancing demand when it cut 325 additional jobs just three months earlier.

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