Atlantic Bay Mortgage is laying off 21 support staff in its Charlotte office, the company confirmed Wednesday. CEO Brian Holland said the cuts come after the firm scaled up too quickly in the city, though he said the company still plans to grow here.
Atlantic Bay hired intensely as the Charlotte office opened in March, just as the mortgage market began to slow down. Mortgage lenders both small and large have struggled as rapidly rising mortgage interest rates have slowed the flood of refinances. Big banks like Bank of America and Wells Fargo have laid off thousands across the country. Some smaller lenders locally have made smaller cuts.
The 21 layoffs at Atlantic Bay are a fraction of the 365 employees the Virginia Beach-based company has in four states between West Virginia and South Carolina. About 30 employees will be left in Charlotte.
The 21 layoffs at Atlantic Bay are a fraction of the 365 employees the Virginia Beach-based company has in four states between West Virginia and South Carolina. About 30 employees will be left in Charlotte.
The company is also actively looking to hire more mortgage bankers in a Ballantyne sales office, Holland said.
"We've got huge plans for Charlotte," he said.
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