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COLUMBIA — A Columbia home mortgage office is closing, a move that will lay off 35 workers, according to a state filing.
FirstBank Mortgage of Nashville, Tenn., filed a notice with the S.C. Department of Employment and Workforce that it was closing its Columbia office as of June 15, laying off 35 employees.
Companies have to file large layoffs with the state agency that handles unemployment.
It’s not the only cutback for FirstBank, which is closing down its Real Genius loan division, according to N.C. television station WRAL.
The company also has closed its Charlotte office in June, causing 74 layoffs at that location.
The increase in interest rates, which is forecast to continue as the Federal Reserve Board worries about high inflation, is cutting into the business of some lenders.
Analysts expect Fed rates to be increased again this week, meaning banks will follow suit.
Homeowners no longer see refinancing as a way to save on their home loans because of higher costs to borrow. This has cut into the business activity for lenders, according to national news reports.
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