Mortgage Investors Corp. in St. Petersburg, one of the nation’s largest refinancers of home loans for veterans, will lay off the majority of its workforce when it stops making loans today.
The 75-year-old company isn’s closing, but will lay off 476, with 256 of those jobs at it St. Petersburg headquarters. A staff of 60 or so will remain to service existing loans, MIC Chairman Bill Edwards told the Tampa Bay Business Journal.
The drastic measures have nothing to do with deal flow, and everything to do with regulation, he said.
“It’s not a matter of me not being able to provide loans. We’re doing $125 million a month,” he said. New rules of the Dodd–Frank Wall Street Reform and Consumer Protection Act that go into effect Oct. 16 are too onerous for him to operate any longer.
Continue reading here.