National Mortgage Service Company (NMSC), a leading provider of mortgage servicing and loan modification solutions, announced on Monday that it will lay off 300 employees in its Illinois offices by the end of March. The company cited the decline in demand for its services due to the improving economy and the expiration of the federal Home Affordable Modification Program (HAMP) as the main reasons for the decision.
Impact on Employees and Communities
The layoffs will affect about 20% of NMSC’s workforce in Illinois, where the company has three offices in Chicago, Naperville, and Rockford. The company said it will provide severance packages and outplacement assistance to the affected employees, as well as notify the state’s Department of Commerce and Economic Opportunity (DCEO) as required by the Worker Adjustment and Retraining Notification (WARN) Act.
The layoffs will also have a negative impact on the local communities where NMSC operates, as the company contributes to the tax base and supports various charitable causes. According to the DCEO, the unemployment rate in Illinois was 5.4% in December 2023, slightly higher than the national average of 5.1%.
Future Plans and Outlook
NMSC said it will continue to serve its existing customers and pursue new opportunities in the mortgage servicing industry, despite the challenges posed by the changing market conditions. The company said it will focus on enhancing its technology, innovation, and customer service capabilities, as well as expanding its presence in other states where it has operations, such as Texas, Florida, and California.
The company also expressed its gratitude to its employees and communities for their support and loyalty over the years. “We are deeply saddened by the need to reduce our workforce in Illinois, and we thank our dedicated and talented employees for their hard work and contributions to our success,” said NMSC’s CEO, John Smith, in a press release. “We remain committed to our mission of helping homeowners achieve and maintain affordable homeownership, and we look forward to a brighter future for our company and our industry.”
Conclusion
NMSC, a national mortgage service company, announced that it will lay off 300 employees in Illinois by the end of March, due to the decline in demand for its services and the expiration of a federal program. The layoffs will affect both the employees and the communities where the company operates, as well as the state’s economy. NMSC said it will provide assistance to the affected employees and continue to serve its customers and pursue new opportunities in the industry. The company also thanked its employees and communities for their support and loyalty.
