Ruoff Mortgage announces layoffs

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Ruoff Mortgage logo(Provided)
Published: Sep. 16, 2022 at 1:59 PM EDT
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FORT WAYNE, Ind. (WPTA) - Ruoff Mortgage Company officials sent a news release Friday afternoon, saying they have “reduced the size of their total work force” by about 4.6%.

The release says those layoffs happened earlier this week. WPTA has reached out to the company for context on that percentage, as the company did not disclose the total number of employees affected or how many people are currently employed.

In the release, the company says fewer people have been financing and refinancing homes throughout most of the year.

“The contraction has been directly related to the Central Bank’s moves to get inflation under control. Interest rates for a conventional residential 30-year mortgage loan sat at 6.30% nationally earlier this week. Just one year ago, they were 2.86%. The demand for refinance transactions has fallen more than 80% compared to the same time a year ago,” the news release says.

The company is headquartered in Fort Wayne. According to the company’s website, it grew from “a single location in northeast Indiana to more than 950 employees, with 76 branches in Indiana, Ohio, Michigan, Kentucky, and Florida.”