St. Petersburg, Fla.-(970 WFLA)-Mortgage Investors Corporation is trimming jobs in what are being called major staff reductions.
M.I.C. is cutting 476 workers, including over 250 at the company's St. Pete headquarters. The cuts will leave a staff of about 40 to handle customer service, to service existing loans and to wind down operations.
The company is one of the biggest refinancers of veterans home loans. M.I.C. says it will stop making new loans because of new federal regulations. Mortgage Investors says it's no longer cost-effective to originate new loans for veterans.
M.I.C. will provide a severance package for employees losing jobs.