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February 20, 2008
Preferred Home Mortgage Co. said that it will lay off 75 local employees from its corporate headquarters in Tampa in the coming months.
This announcement comes in the wake of a recent agreement between PHMC and Wells Fargo Ventures LLC. In January, the companies entered into an amended and restated agreement of a limited liability company. The resulting partnership will be known as PHMCWF LLC but will continue to operate as Preferred Home Mortgage, an affiliate of Wells Fargo.
Beginning April 1, Wells Fargo will assume control of PHMC's mortgage business. A committee comprised of three representatives from each company will jointly manage this venture.
According to a PHMC spokeswoman, Wells Fargo will also provide staffing for administrative departments, such as accounting and human resources. This eliminates the need for PHMC to maintain these divisions, where the majority of the layoffs will occur. The layoffs will begin in mid-April and run through July.
A full service mortgage banker, Preferred Home Mortgage has offices in eight different states but is based in Tampa.
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