Mortgage dip forces Irwin to make cuts: Lender closes 120 branches, trims workers as profits drop, housing market cools off

The once-red-hot U.S. mortgage market has significantly cooled. So have the fortunes of Fishers-based Irwin Mortgage Corp. Last year, Irwin Mortgage's profit dropped $57.8 million, or 74 percent. Then, on April 4, the company revealed it expects to take a "small" loss in this year's first quarter. As a result, Irwin Mortgage has reduced its number of branch offices around the country from 169 to 49. The company is also cutting its local headquarters staff by 100, to 488 employees....

 

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