GMAC Mortgage Group has become the latest mortgage company to cut staff. The unit of General Motors Corp. announced that it plans to lay off more than 14% of its employees within several months, reducing employment by 500, to 3,500.

According to GMAC Mortgage's president, Mark Korell, the move is "in response to competitive changes in the marketplace brought about by higher interest rates and a related decrease in demand for home mortgage financing."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.