USAA will be eliminating 265 home sales and lending positions, but it already has offered nearly 100 of the affected workers different jobs within its mortgage unit.
“This decision was difficult, as we value our employees and appreciate that they go above and beyond for our members every day,” said USAA Bank President Chad Borton in an emailed statement. “However, it was necessary as we focus on continuing to provide our members competitive mortgage products today and in the future.”
The company, a financial services firm that serves current and former military families through an online platform, employs nearly 34,000 people in total.
Affected employees from USAA’s Real Estate Lending and Real Estate Rewards Network will be offered resume and interview workshops, and will have 60 days to find a new job internally or externally.
If they do not find a new position within two months, they will receive a severance offer and outplacement services.
The layoffs will take place in mid-November and affect employees in San Antonio, Phoenix and Tampa, Fla.
USAA’s mortgage division used to be concentrated in Texas, but in 2015 it paid to relocate 120 employees in Dallas-area offices to Arizona and Florida, giving its workers a choice between the two locations.
Mortgage lending has been slower this year, and several companies have made cuts, closed their doors, or gone through an acquisition as the industry has consolidated.
Citizens Bank, for example, acquired nonbank lender Franklin American, and MB Financial shut down its national mortgage business.