Company says it will lay off 62 employees, close due to a 'dramatic drop' in product demand.
Inlanta Mortgage Inc. has announced plans to close in 2023, citing “the dramatic and unanticipated drop in mortgage product demand.”
In a letter dated Nov. 29 to the Wisconsin Department of Workforce Development, the Pewaukee, Wis.-based mortgage lender said it would begin winding down the company this week and complete the process by early April 2023. The shutdown will “result in the permanent elimination of 62 employees,” the notice states.
Inlanta officials did not immediately reply to a request for comment.
The letter was filed under the federal Worker Adjustment and Retraining Notification (WARN) Act, which requires employers to provide 60-days advance notice of a shutdown or mass layoff.
Signed by Inlanta Mortgage President Paul Buege, the letter states that “business circumstances have dictated that Inlanta Mortgage’s assets be transitioned to a third-party purchaser.”
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While the letter states the corporate wind-down began this week, a list of affected positions included with it cites Dec. 2 as the date for the first cuts, when 22 jobs will be eliminated.
Additional cuts are expected to be made on Dec. 9 (1 job); Dec. 15 (2 jobs); Dec. 31 (11 jobs); Jan. 13, 2023 (2 jobs); Jan. 15 (9 jobs); Jan. 31 (5 jobs); Feb. 15 (5 jobs); Feb. 28 (1 job); March 1 (1 job); and March 31 (3 jobs).
According to the Nationwide Mortgage Licensing System (NMLS), Inlanta Mortgage was founded in August 1993 and has more than 30 branch locations in 27 states. According to its website, Inlanta has “more than 300 team members.”
The lender’s volume through September totaled nearly $1.1 billion, down 42% year over year, according to Mobility Market Intelligence (MMI). Its total refinance volume, year over year, has fallen nearly 65%, according to MMI.
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