Posted on 10/20/2013 7:21:57 PM PDT by 2ndDivisionVet
EDMOND — Mortgage services company Adfitech Inc., Edmond's largest private employer, said Friday it would lay off half its workforce in December.
The company said it would lay off 320 employees because of “abrupt changes in customer needs.” The layoffs are scheduled to take effect Dec. 20.
Adfitech said the layoffs were necessary for the long-term viability of the company, which provides outsourcing services to major lenders, banks and mortgage companies.
Adfitech has about 620 employees in Edmond, according to a March report from the Edmond Economic Development Authority. After the planned layoffs, the company will fall behind OU Medical Center Edmond, which has nearly 450 employees.
“This reduction was difficult because it affects so many of our loyal, talented and hardworking employees,” Sam Meek, Adfitech's president, said in a statement. “However, it was necessary in order to align our workforce with the current needs of our customers.”
A company representative declined to answer additional questions Friday.
Toni Weinmeister, associate director for the Edmond Economic Development Authority, said Adfitech's current employment trails only Edmond Public Schools, the University of Central Oklahoma and the city of the Edmond.
“They've always been a good corporate citizen and employer for Edmond,” Weinmeister said.
Adfitech filed for bankruptcy in 2009 and reorganized in 2010. The company has received more than $2.3 million in Quality Jobs incentive payments since 2001, according to the Oklahoma Department of Commerce.
Laying off half of the employees? The smarter move might have been to keep all the employees and make them part time (ie., less than 30 hrs / wk).
Merry Christmas.
Hope and Change, Baby!
“The smarter move might have been to keep all the employees and make them part time (ie., less than 30 hrs / wk).”
Mortgage business is drying up with projections of a long drought ahead.
My husband lost his job as a mortgage broker on November 7th, 2008. 3 days after Obama was elected. Coincidence? I think not. He never got back into it, market never got better. Too bad, we used to be financially stable.
I was a mortgage broker until Hurricane Katrina destroyed my business in D’Iberville, Mississippi.
IMO, the real estate/mortgage business is NEVER going to return to 2002-2007 levels, at least not in my lifetime, for demographic reasons, never mind the economic reasons. I feel sorry for people who were starting their career in the 1995-2000 timeframe and measure everything against that. That, too, is probably unrepeatable unless some black swan like the Internet explosion takes place again.
It’s ‘07 all over again.
Heeeeeere we go!
No worries! At least health insurance is free now.
And you can have an Obamaphone.
Hi 2ndDV, I hope you are well. My son is one getting RIF’d by Adfitech. Among other things, Adfitech does quality control audits for FannieMae and Freddie Mac. He was told volume from Fannie and Freddie will drop from 7,000 per month to 1,000 beginning January 1. They did not RIF on seniority or performance. It is believed it was on internal office politics.
Gwjack
The remaining employees are likely to be cut to under 30 hrs/wk (or even less). And, they will also have to take large pay cuts ( less dollars per hour worked) to keep their jobs. The only full timers left will be the remaining managers not cut.
ILLINOIS Manufacturing company moving from SW suburbs to Ind.
Posted: Oct 24, 2013 8:46 AM CST Updated: Oct 24, 2013 8:46 AM CST
MUNSTER, Ind. (Sun-Times Media Wire) -
Tec Air, a designer and manufacturer of plastic air movement parts and systems, is moving its headquarters from southwest suburban Willow Springs to Munster, Ind.
The company, which will complete the move by spring 2014, is expected to bring more than 250 jobs to its new state by 2016, according to a statement from the Indiana Economic Development Corporation.
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