Hundreds will lose their jobs in Michigan as a national mortgage lender is closing down it’s mortgage origination business.
MB Financial Bank, based in Chicago, is shutting down locations in Michigan, as the bank gets out of the business of writing new mortgages.
MB Financial has notified 594 employees in Michigan that they will lose their jobs. The biggest offices are Ann Arbor, with 364 workers, and Milford, with 63 employees.
Smaller facilities are in Farmington Hills, Southfield, Taylor, and West Bloomfield. Some other employees work from home, on-line. They will all lose their jobs.
The layoffs start in July. A company statement indicates that rising interest rates are making mortgage origination profits too low to stay in the business.