Vida reveals layoff risk in strategic review

Vida Homeloans is considering staff layoffs as part of a strategic review as the company aims to bolster its “middle-range experience” and improve access to underwriters.

The specialist lender says following its review “a number of roles have been identified as being potentially at risk of redundancy and Vida has therefore entered a 30-day consultation period with colleagues potentially impacted by the planned changes”.

It says the process is expected to be completed by the end of November, with affected staff given “priority consideration” for other suitable roles in the business.

The company says the review comes as it seeks to alter its operating model, which includes changes to the way the company organizes teams in contact with intermediaries.

He adds that the move includes “an in-depth assessment of existing sales and relationship structures” and “will also focus on ‘best in class decisions with better access to underwriters’.”

Anth Mooney, Managing Director of Belmont Green and Vida Homeloans, said: “The Covid-19 pandemic has had a huge impact on the mortgage market, in terms of how people interact and the speed at which responses are received. are necessary.

“This has been especially true of how brokers work with mortgage lenders when seeking solutions for their clients. As complex cases become more common, brokers need to know they can access decision makers who can provide answers quickly.

“For us to do this with flying colors, we need to modernize our approach, prioritizing our resources to provide the guidance and decision support that our brokers and partners tell us they need.”

“Our employees are clearly very important to us and we do not take such decisions lightly. For colleagues whose roles may be impacted, we will work with them to identify appropriate roles within the company and prioritize them. »

Vida Homeloans adds that it continues to make progress in its plan to obtain authorization to operate as a retail bank from the Prudential Regulation Authority of the Bank of England, a process which began at the end of the year. last.

The company says the move will allow it to compete more effectively with other bank lenders in the specialized mortgage market.

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