Due diligence provider Allonhill LLC, Denver, Thursday afternoon laid off 140 staff workers and contractors as part of a company-wide restructuring.
Sue Allon, CEO and chairman of the firm, confirmed the layoff to ASR’s sister publication, National Mortgage News adding that the measure is “due to unforeseen circumstances.”
Staff cuts were made outside of Denver as well. She added: “We feel it’s the right move for our company and clients.”
When asked how many employees the company will have after the layoff, she declined to comment.
One laid off staffer told NMN the cuts came mostly in the area of “transactional due diligence.” She added: “It was a horrible thing to do, especially two weeks before Christmas.”
Last month NMN broke the news that the firm had laid off roughly 10 full-time appraisers because of a cutback by one of its mortgage clients.