Rocket Companies and United Wholesale Mortgage cut thousands of jobs

The country’s two largest mortgage lenders – both based in the Detroit metro area – cut thousands of jobs as mortgage business went from boom to bust, filings show. recently by companies.

Dan Gilbert’s Rocket Companies, the parent company of Detroit-based Rocket Mortgage, formerly known as Quicken Loans, cut its workforce to about 18,500 people as of Dec. 31 from 26,000 a year earlier.

During the same period, United Wholesale Mortgage, based in Pontiac, reduced its workforce from 8,000 to about 6,000.

Those employment numbers were cited this week in annual statements that publicly traded companies have filed with the Securities and Exchange Commission.

Plummeting headcounts at Rocket and UWM underscore the cyclical nature of mortgage business and this potential impact on the local economy, given that the #1 and #2 lenders in the industry are based here.

Almost all of UWM’s workforce is located on the company’s campus in Pontiac, where employees walk between buildings – and over Boulevard Sud – on the longest closed pedestrian bridge in the world. world.

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