CoreLogic to Close Offices in L.A., Ventura CountiesFriday, October 18, 2013
Irvine-based real estate data and consulting services provider CoreLogic is laying off about 150 employees in Lancaster and Simi Valley amid a slowdown in mortgage refinancing.
CoreLogic notified the state Employment Development Department in late September of its plans to shutter its Lancaster location by mid-December resulting in job losses for 74 employees.
The Simi Valley closure, to occur in the first half of 2014, will affect 80 employees, company spokesperson Alyson Austin said.
CoreLogic employs about 4,000 workers.
Both offices support the tax services division that manages the processing, balancing, and delivery of tax payments for its clients. Austin said the closures were made current mortgage industry volumes and forecasts in mind.
Mortgage applications from home buyers are up, but refinancings have fallen by 70% this since May, according to the Mortgage Bankers Association. That has prompted layoffs industrywide.
JPMorgan Chase & Co. in August announced was laying off 300 workers from its Los Angeles-area mortgage-processing office. The layoffs were part of staff cuts totaling about 15,000 workers for the New York bank.
Wells Fargo & Co. and Bank of America also have announced layoffs in recent months.
Madler is a reporter for the San Fernando Valley Business Journal, a sister publication of the Orange County Business Journal.