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Home Equity Lending

Secured Funding Reduces Its Staff

By Paul Muolo

Secured Funding Corp., a home-equity lender based here, has trimmed its workforce by about 50%, industry officials said last month.

One executive who competes against the company said he recently hired some of Secured's wholesale account executives. "They're good people," he said of the new workers. "I'm still getting more resumes."

As Origination News went to press last month, Secured executives could not be reached for comment. It is not known how many workers may have been let go.

In 2005, the lender ranked among the top 50 subprime funders in the U.S., according to the Mortgage Industry Directory, an ON affiliate. No origination figures were available for this year.

Secured is a privately held non-depository. On its website the lender describes itself as a "home-equity specialist."

Mortgage bankers of all sizes have been cutting jobs since late last year.

In September, Countrywide Financial Corp., Calabasas, Calif., the nation's largest residential lender and servicer, said it would cut up to 10% of its "general and administrative" work force in the coming months, or about 1,000 positions.

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