Loan Processing

WMC Gutted, Lays Off Half of Workforce 

Confirming industry rumors that had surfaced earlier in the week, GE Money representatives yesterday confirmed through various media outlets that layoffs had affected 50 percent of the company’s national workforce at Burbank-Calif.-based WMC Mortgage on Thursday — roughly 750 employees in total were given their walking papers. GE Money had been very tight-lipped regarding its plans, with spokesperson Michael Ettlemyer telling HW on Wednesday afternoon that the company was not planning on making additional cuts. HW had approached the company earlier on Wednesday regarding the rumors of pending layoffs.