Jeff Ostrowski of the Palm Beach Post notes that the "bloodletting" isn't over yet in the mortgage industry - something that shouldn't come as a surprise to any of us. What's most remarkable is that Sun has allowed FNLC to continue operating, albeit as a much smaller and limited organization. The only reason I can think is that Sun recognizes some type of value in the FNLC brand and they are just holding onto it until the industry turns itself around.
A commenter in an earlier post estimated that 95% of the folks let go by FNLC are still out of work - I thought that seemed a bit high, but after speaking with several former co-workers, I'm beginning to think that might be accurate. Anybody care to elaborate or share their stories?
Wednesday, September 19, 2007
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6 comments:
The market is very tough right now, since there are not a lot of jobs for people in the mortgage business and many of us are having trouble finding a new job. What bothers me is not really that so many of us got laid off. They are happening all over the industry because of subprime not being a good product anymore. What bothers me is the secretiveness and the not being honest with the employees about how bad a shape the company was in and about when the layoffs would come. Other companies, including countrywide, have been upfront with their employees about what is going on and telling them the company had to have layoffs in advance. That is much more fair than what happened over and over again at Last NLC. After each round of layoffs the remaining employess getting blindsided and being led to believe that that round was the final one, when they just kept coming and coming, kicking so many loyal people to the curb without a warning. That was verye dishonest.
Good-grief, I have to agree with you on just about everything. It went from comical to pathetic hearing mgmt saying each round of layoffs was the last. However, First NLC actually began losing money in late 2005 - that's why so many rank and file didn't get yearly salary increases after that. But at the same time, how many layoffs do you need before you see the writing on the wall? I would hope that people would have at the very least updated their resumes and kept their eyes out for another job. Thank goodness I'm primarily a clerical pencil pusher who isn't married to the mortgage industry.
The dishonesty isn't the worst part. That honor (or disgrace) was Jeff "I wouldn't have a job at Wal-Mart if my last name was Smith" Henschel complaining about how "the market" was "conspiring against us" during the last lunchroom dog and pony show. What arrogance! Gee Jeff, it couldn't be possible that you and your other upper mgmt Cosa Nostra's shortsighted policies might be the problem eh? What did you think, you could keep buying people out (Wh-Central, Corr Lending) and opening retail branches in every hick town in the country forever? The time to prepare for the slowdown was back in 2004. As usual, instead of being proactive, almighty all-knowing senior mgmt reacts by laying workers off. Take all the credit when things are hunky dory and none of the accountability when things aren't so good. Gnat-straining camel swallowers with all the common sense of a pimple on a mosquito's rear. Ain't capitalism great?
When does the revolution start and isn't it about time to bring back the guillotine?
Implode-O-Meter has First NLC in some sort of an article, but you can only access if you are a member...anyone know what's going on? Is the end in sight?
Well I still work for the company on the retail side. From what i see things are picking up. We are doing Conforming,Alt-A,FHA,and Non prime. However we have all these programs but we can't seem to get any docs out to sign. Most of the docs we are getting out are the new FHA loans. We would be getting alot more but upper management doesn’t have a clue on what they are doing… as far as FHA. They laid off 5 account managers for 5 FHA account manager, also 3 underwriters for 3 FHA approved underwriters, and still we average 3 sets of docs out a day if that. We haven’t seen Tim Walsh, Kevin Rainy come out their offices and 2 months, maybe they are smoking cigars out side. Lol! Leaving Poor Susan Martin and Joanne to figure things out by their self’s. While Tina goes on her field trips to the branches or wherever she goes to hide from the real work. Charlie is trying his best to motivate his teams but it just isn’t working so far. Now we have another new VP of processing operation name Victor… looks like a six figure JOCK to me…(clueless) believe it or not I wish this company the best, but I did hear that Sun Capital said we have to do 70 Mill or their out. Well tomorrow is Friday, another day for us to hold are breath until we check our banking accounts to make sure “ layoff Fridays” didn’t get us….
Lee, thanks for the update. I thought they closed the Anaheim retail ops center and moved everything to Boca? Why do they need "Victor"? I thought Charlie was the Ops manager?
Can you tell me what the reporting structure is now at the the Ops center? I'm just wonder who is left that I know....thanks
Been
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