Rocket Mortgage offers buyouts again as home loan market shrinks

Detroit-based Rocket Mortgage said Friday it has offered a second round of voluntary buyouts to a small percentage of its employees. 

Rocket Mortgage, the country’s largest mortgage lender, also reduced its workforce in April with a similar program that involved Amrock, its title company. The buyouts come as mortgage companies grapple with a shrinking market.

“Having experienced several market cycles in our 37-year history, we recognize career growth options in certain areas of our business are limited right now, while the housing market normalizes following two years of unprecedented volume,” Mike Malloy, chief administrative officer for Rocket Central, said in a statement Friday.

“As a result of today’s market, some team members have told us they are considering a move to another position or a completely different industry and have asked that we reinstate our career transition incentive, first offered earlier this year.”

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