Countrywide Financial Corp. will cut 127 jobs from its office in Rolling Meadows, Ill. as a result of the ongoing slide in the mortgage lending and homebuilding industries.

The Chicago Tribune reports that the cuts will begin Jan. 18 and will bring the number of Chicago-area employees who’ve lost their jobs at mortgage companies in the past nine months to about 1,370, the Tribune said.

This announcement comes the same day that the Mortgage Bankers Association reported that mortgage application volume declined nearly 12 during the week ending Dec. 28, according to the trade group’s weekly survey.

Refinance volume also tumbled more than 15 percent, while purchase volume also dropped 8.5 percent. Refinance applications accounted for 51 percent of total mortgage applications for the week, the survey said.

Shares in Calabasas-based Countrywide fell 1.5 percent to $8.86 in afternoon trading Thursday on the New York Stock Exchange.