USAA Cutting 265 Real Estate Jobs

USAA, headquartered in San Antonio, announced it would eliminate 265 jobs at its bank in mid-November 2018. The job cuts will impact employees involved with real estate lending operations, as well as the company’s “Real Estate Rewards Network,” which assists USAA members while they buy and sell homes.

Approximately 110 of the cuts are taking place in San Antonio; the remainder will occur in Tampa and Phoenix. A USAA spokesperson said the company will continue offering mortgage loans, while the Real Estate Rewards Network will remain in operation.

There has been a slowdown in home loan applications and mortgage refinancing nationwide, as borrowing costs continue increasing. Mortgage Bankers Association recently reported that refinancing activities hit a 17-year low.
“The mortgage market, as a whole, is having some challenges,” the USAA spokesman told the San Antonio Express News. “This is about our ability to remain competitive.”

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