Layoffs

The Hammond, Louisiana, company, which announced changes to its business strategy, cut 71 jobs and reduced its dividend to 8 cents per share.

The Philadelphia-based company will eliminate an undisclosed number of jobs as part of a plan to refocus on core business lines and markets, CEO Thomas Geisel said.

The bank was already mulling headcount and compensation reductions in early September.

The layoff round, which a spokesperson said represents "less than one quarter of one percent of the roles in the company," comes after Rocket announced a 20-person reduction in the marketing team in early January.

The fintech is also relying more heavily on its bank charter as rising interest rates make selling loans to investors more challenging.

The Arizona-based lender has been in business for 35 years and has branches in over 20 states.

The firm said it would still originate and service loans out of the office where the cost-cutting measures will occur.

The firms trimming payroll include lenders, a mortgage insurance giant, an iBuyer and an online notarization software provider.

HomeStreet Bank will attempt to sell its stand-alone mortgage business and portfolio of servicing rights, a move that comes amid growing pressure from an activist investor to exit home lending and concerns about declining demand and regulatory challenges.