SRE Mortgage Alliance ‘Restructuring & Reorganization’ – NMP
SRE Mortgage Alliance Inc., a technology-driven wholesale lender specializing in residential mortgage loans, is undergoing a “restructuring and reorganization” that will determine its future, a spokesperson for the company said today.
According to the spokesperson, a company executive who requested anonymity, SRE owner Takeshi Sekiguchi arrived in El Segundo and met with company officials.
NMP had received a copy of a letter dated October 13, 2021, which was sent to all SRE employees in El Segundo stating that all staff in the company’s wholesale lending division would be laid off, as of November, 1st. The letter stated that the employees would receive their final paychecks by direct deposit and offer no further severance packages.
The letter cited “financial deficits due to low mortgage volume” as the reason for shutting down the division and laying off staff.
The spokesperson said the letter, signed by CEO Rika Jones, was “not accurate”. He said the more than 50 employees at the company had not been made redundant and no decision on staffing levels had been made. This decision will be part of what Sekiguchi determines the restructuring and reorganization will include, he said.
It was not known when a final decision on the reorganization and staffing levels will be made.
The spokesperson said that SRE Mortgage Alliance at El Segundo is “completely separate” from all of Sekiguchi’s other businesses, and any decisions made will be specific to the California office. The company owns its offices at 2245 Campus Drive in El Segundo, he said.
He added that the goal of the restructuring effort is “to do what’s best for the consumer and to make sure the consumer is taken care of.”