Keller Williams lending arm posts latest round of layoffs

More than a dozen Keller Mortgage employees posted notices on LinkedIn, some describing the cuts as 'huge'

Texas Austin /
May.May 26, 2022 12:38 PM
Director of public relations and media relations Darryl Frost (LinkedIn, iStock)

Director of public relations and media relations Darryl Frost (LinkedIn, iStock)

Keller Williams, the Austin-based real estate franchise giant, has implemented yet another round of layoffs in its lending arm, Keller Mortgage.

Keller Mortgage scaled up rapidly last year before laying off 150 recent recruits in October, according to Inman. Although the scale of these latest layoffs was still unclear at press time, more than a dozen Keller Mortgage employees posted notices on LinkedIn Tuesday that they’d been laid off, describing the job cuts as “big,” “massive” and “huge.”

“In light of current market conditions, we have restructured the operations and support groups within our Keller Mortgage business,” a spokesman for Keller Williams confirmed. They declined to provide details about exactly how many people were let go, however.

Keller Mortgage is advertising a number of openings for loan officers to work remotely from anywhere in the U.S., even as it lays workers off.

“We remain committed to assisting our impacted employees and to growing our mortgage offerings over the long term,” said Keller Williams’ director of public relations and media relations Darryl Frost in an email to Inman.

Several other mortgage lenders — including Better, Pennymac, Guaranteed Rate, Mr. Cooper, and Wells Fargo — have downsized in recent months to adjust to lower refinancing volume, and the nation’s largest mortgage lender, Rocket, expects buyout offers it has made to 2,000 employees will save $180 million a year, according to Inman.

Purchase mortgages make up most of Keller Mortgage’s business, and the company nearly doubled its payroll to 1,000 employees last year, anticipating growth in purchase mortgage lending that may not have materialized.

“We’re committed to our long-term growth and so we’re currently expanding our sales team nationally,” Frost said.

In reporting its first-quarter results, KW said its agents closed $108.4 billion in sales, up 10.5 percent from a year ago, but that the number of transactions was down 5.2 percent, to 258,400.

The company did not provide any details about Keller Mortgage in its earnings report.

[Inman] — James Bell





    Related Articles

    arrow_forward_ios
    Stream Realty's Lee Belland and the corner of I-35 and Sixth Street (LinkedIn, Google Maps, iStock)
    Revitalization of Austin’s ‘Dirty Sixth’ a bit of a mess
    Revitalization of Austin’s ‘Dirty Sixth’ a bit of a mess
    Michael Dell (Getty, iStock)
    Here’s where Michael Dell hangs up his many hats
    Here’s where Michael Dell hangs up his many hats
    Freese and Nichols manager of urban planning and design Chance Sparks (Freese, iStock, Google Maps)
    Hays county housing market driving out middle class
    Hays county housing market driving out middle class
    Austin Mayor Steve Adler (Twitter via Mayor Adler, iStock)
    Austin inches closer to allowing more density along major streets
    Austin inches closer to allowing more density along major streets
    Visio Lending's Matt Matz with Austin, Taxes
    Austin landlords grapple with rising tax appraisals in rental market
    Austin landlords grapple with rising tax appraisals in rental market
    NexMetro's Jason Flory (NexMetro, iStock)
    The scramble to develop build-to-rent communities in Central Texas is just heating up
    The scramble to develop build-to-rent communities in Central Texas is just heating up
    (iStock)
    Ex-Austin city employee may have used his office to take ownership of an elderly woman’s home
    Ex-Austin city employee may have used his office to take ownership of an elderly woman’s home
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    New report details affordable housing segregation in Austin
    New report details affordable housing segregation in Austin
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...