Allonhill, Denver, recently laid off roughly 10 full-time appraisers because of a cutback by one of its mortgage clients, according to industry officials close to the matter.
Sue Allon, CEO and chairman of the due diligence provider, confirmed to ASR sister publication National Mortgage News that the company laid off employees working “on a specific project.”
She could not provide a firm number but said it was in the range of nine to 12. “Our client did not have as much work for us.”
She declined to talk about the matter in detail but stressed that despite this round of layoffs, Allonhill is continuing to hire. “Over the past 90 days we’ve added about 65 people.”
Earlier this month, National Mortgage News reported that Fannie Mae is cutting down on due diligence reviews, trimming the workloads of vendors that play in that space.
Since Allonhill would not provide details, it’s unclear if there is a connection between the Fannie Mae news and her firm.