A drop in volumes has forced Pepper Homeloans to axe six staff in its sales and sales support divisions this week.
“Volumes are down on 2007 primarily due to the removal of our prime/near prime high volume low margin products in September and October 2007, and are in line with expectations,” Ed Thian, head of marketing and product with Pepper, told Mortgage Business.
Pepper culled its Xpress and Mega Xpress products and cut 19 staff members in October last year in response to the increased cost of funds via the capital markets.
While volumes have declined, according to the lender its servicing business has grown in recent months.
Nine new appointments for operations staff were made last month, Mr Thian said.
Mr Thian said servicing and other management services provided strong opportunities for Pepper to leverage its skill sets and “pre-eminent performance” in servicing its mortgages under management.
Pepper’s operations staff now numbers more than 50.
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