The country’s largest lender is looking to reduce its workforce amid a shrinking mortgage market following 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, mostly in Detroit.
The affected employees are primarily in Rocket Mortgage’s operations team and groups within Amrock, officials said. The buyout program was first reported by Crain’s Detroit Business.
“One of our responsibilities as a company is to provide our team members a fulfilling career, and we have been able to do that for tens of thousands in the last 36 years,” Mike Malloy, chief administrative officer at Rocket Central, said in a statement Monday. “Over that time, we have been through several market cycles — similar to those the industry is experiencing today.
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“As a result of today’s market, some team members have told us they are considering a move to another position or a completely different industry. At the same time, our career growth options in certain areas of Rocket Mortgage and Amrock are limited right now, while
