Middleton's Mortgage IT to close, lay off 72
Bad economic news continues. Mortgage IT Inc.
in Middleton has informed the state Department of Workforce
Development that it plans to shut down its Middleton office, 1350
Deming Way.
"This mass layoff, which resulted from the severe economic
conditions, will affect approximately 72 employees and is expected
to be permanent," parent company Deutsche Bank said in a letter to
the DWD.
Founded in 1988, Mortgage IT in recent years has ranked as one of
the largest residential mortgage companies in the nation, according
to its Web site. The company was purchased by Deutsche Bank in 2007
and had expanded its product offerings to financing purchasers of
residential properties in luxury resorts in the Caribbean and Latin
America.
The company said the first layoffs will come Feb. 9 and said it has
given employees 60 days notice of the closure.
The DWD also said Regal Beloit said it will close its Leeson
Electric facility in Neilsville between Feb. 10 and April 30,
laying off 37 workers at the plant.
In both cases the department said it would set up teams to help
laid-off workers.
