loanDepot said it plans to “temporarily suspend the employee 401K match program effective October.” But still plans to give execs pay raises, HousingWire reported.

HousingWire obtained an email from loanDepot CEO Frank Martell, in which he told staffers that in times like these, there are “no easy answers.”

“We must deal with the realities of our market, face the future with determination, and focus on our strengths while addressing our challenges as a team,” he wrote, says HousingWire, before addressing the company’s Vision 2025 plan to “address market-driven realities” and a “longer-term vision that positions us for future growth-oriented success,” according to the article.

The email mentioned updates such as was rolling out a Spanish-language mortgage application, transferring loans from its subservicer to its in-house platform and creating an all-digital HELOC product.

The email also said that the company would also be closing several offices near its headquarters Orange County, California, as well as in Miami, Nashville and Arizona. It did not mention the raises, says HousingWire—those were disclosed in an SEC filing, according to the article.

Martell said the company would revisit the match in the new year “when the market had stabilized.”

loanDepot lost $223 million in the second quarter and has laid off more than 4,000 employees to date this year.

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