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Rocket Mortgage Offers Voluntary Buyout to 8% of Workforce

Rocket Mortgage and Amrock, its title company, have offered voluntary buyouts to 8% of their employees. So reports The Detroit News.

Rocket Loans 150x150The mortgage workers impacted by the job cuts were mainly in the operations team, according to officials.

Although the exact number of workers impacted wasn’t immediately clear, parent Rocket Companies has a headcount of 26,000.

"One of our responsibilities as a company is to provide our team members a fulfilling career, and we have been able to do that for tens of thousands in the last 36 years," Mike Malloy, Rocket Central's chief administrative officer, said in a statement. "Over that time, we have been through several market cycles—similar to those the industry is experiencing today."

Malloy added that due to the current market conditions "some team members have told us they are considering a move to another position or a completely different industry. At the same time, our career growth options in certain areas of Rocket Mortgage and Amrock are limited right now, while the housing market normalizes after two years of unprecedented volume."

The voluntary buyout package includes:

  • Pay for several months
  • Benefits, such a medical, dental and vision coverage until November
  • Payment for accrued personal time off
  • Training and resume assistance
  • Early vesting of stock employees got at the firm's 2020 IPO.   

Read the full article from The Detroit News.

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