Leading reverse mortgage industry lender American Advisors Group (AAG) reportedly cut its workforce for a third consecutive time this year, multiple sources told RMD.
The full extent of the latest layoff round was unclear, with some sources claiming that divisions including retail origination, field sales and staff in the Learning and Development division. Marketing positions also appear to have been impacted.
Some employees wrote on social media that they had been furloughed instead of terminated.
Representatives for the company declined to comment and did provide any additional details about the job cuts. No Worker Adjustment and Retraining Notifications (WARN) alert was submitted to the state of California’s Employment Development Department (EDD).
It remains unclear how many jobs were shed, though the company estimated it had roughly 1,500 employees in June. RMD’s sources indicated that hundreds of employees were impacted by the June layoff round.
Sources said that the announcement was made during a mandatory employee call on Friday morning.
Back in June, the company said that wider business realities were driving staff reductions.
“AAG asks its business unit leaders to continually evaluate their department’s overall costs and staffing needs. After analyzing market trends, AAG has made some organizational changes,” a spokesperson for AAG Holding wrote to RMD and its sister publication HousingWire in June. “We regret any negative impact that organizational changes have on AAG employees and their families.”
A second layoff round reportedly hit the company in August, with sources describing it as a “mass layoff” striking at several different levels of the organization.