NovaStar is the next mortgage lender to reduce workforce. On Friday, March 16, it was announced that the company is planning some 350 layoffs, or 17% of its staff, in its wholesale loan origination group, including 50 employees at its
The reductions aim to align the company to current market realities and will be implemented gradually, concluding in the second quarter of 2007. NovaStar’s loan servicing organization will not be affected by the reduction.
The lender said it will continue to focus on solid lending guidelines and lower loan origination costs. Shares rose 14.6% to $5.90.
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