NORTH LIBERTY, Iowa–GreenState Credit Union said it has eliminated 42 jobs, citing a decline in loan applications in certain areas.
The credit union said the layoffs will take place across the organization.
In an emailed statement to The Gazette, Chief Marketing Officer Jim Kelly said
most of the workers effected were “in the mortgage lending or commercial banking divisions.”
He noted that was ”less than 5% of GreenState’s current workforce.“
“This action was necessary due to the market corrections currently taking place that have a direct impact on GreenState’s operations,” Kelly wrote, The Gazette reported. “The employees impacted by this move have been given a severance package, as well as extended insurance coverage.”
As CUToday.info has reported, the rise in mortgage rates has led to a slowdown in mortgage applications, including refinancings.
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