AAG cut 204 people, including 43 loan officers, in October

American Advisors Group (AAG), a major lender in the reverse mortgage industry, told California officials that the latest layoffs in late October affected a total of 204 employees.

RMDs reportedly dismissed At that time, the full extent of the layoffs was unknown. However, a Worker Adjustment and Retraining Notice (WARN) filed with the California Department of Employment Development confirmed the job cuts and provided more detailed information.

The layoffs affected dozens of loan officers, with a total of 43 laid off, followed by 27 operations support coordinators, 18 processors and 11 customer service representatives. The company cut 15 managers, 3 directors and 1 vice president.

Departments such as communications, marketing, learning and development were affected, according to the documents.

“This is to inform you that due to business economics, skill sets, productivity and overall performance, American Advisors Group will be implementing mass layoffs at its Irvine, Calif. site,” Human Resources said. Michel Barberio, Executive Vice President, writes: Warning notice.

Permanent dismissal occurred on Oct. 28, and the affected employee has no right to ask for another job at the company and is not a union member, according to the documents.

A company representative declined to comment.

The company estimates it had about 1,500 employees in June. Sources told RMD that hundreds of employees were affected by his round of layoffs in June.A second round of layoffs reportedly hit the company Augustthere are sources describing it as “mass layoffs” at several different levels of the organization.

Regarding the reasons for the job cuts, the company said in June: Broader business reality They were promoting staff reductions.

“AAG asks business unit leaders to continuously assess the overall cost and staffing needs of their divisions. After analyzing market trends, AAG has made several organizational changes. AAG Holding spokesperson wrote to RMD and its sister publication Housing Wire in June. “We deplore the negative impact that the organizational change will have on AAG’s employees and their families.”

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