The mortgage market takes with it 200 Quicken Loans employees today according to a few laid off sources.

This is following a number of marketing cut backs as well. Quicken who usually buys leads from 20 plus providers has slimmed down to 10 or less partners. Some are rumoring there may have been more then 200 laid off, but the actual number has yet to be confirmed.

Quicken loans thanked many of its employees by giving them a 1 month severance package, hopefully enough time to find another source of income.

Update:

The layoffs were confirmed this morning by The Detroit News:

Spokeswoman Elizabeth Jones had this to say:

“Part of (the reason for the layoffs) is lower residential mortgage volumes,” said Jones. The layoffs also were the result of the company using more online and automated systems for its mortgage applications and other paperwork.

“These reductions were made in all areas to align our work force with our current loan volume,” Jones said in the statement. “We believe this will position us better than anyone in the industry to come out of the current economic period poised for growth.”

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