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Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.

Servicer Cuts Jobs, Branch LOs Replaced

Recent mortgage-related layoffs

Nov. 26, 2010


Layoffs at Ocwen Financial Corp.'s servicing unit topped the latest round of mortgage-related layoffs. A Tennessee bank is eliminating loan officers who originate from branches and directing the business to its phone and online originators, and Wells Fargo & Co. has been busy with layoffs. Hundreds of employees at a failed bank were not hired by the acquiring institution.

In May, Ocwen Loan Servicing LLC announced plans to acquire North Highlands, Calif.-based HomEq Servicing from Barclays Bank PLC.

After its acquisition was complete, West Palm Beach, Fla.-based Ocwen advised the State of California in a Worker Adjustment and Retraining Notification that 452 employees in North Highlands were laid off last month, and another 453 were let go on Nov. 19.

In addition, a WARN notice filed with the North Carolina Department of Commerce indicated Ocwen laid off 242 people at a Wake County, N.C., facility on Oct. 31.

In Des Moines, Iowa, Wells Fargo Financial made 150 job cuts this month, with the final total in the area expected to end up at 350 by the time all of the layoffs have been completed -- lower than 1,000 originally estimated -- The Des Moines Register reported. The layoffs, which were fewer than expected because of re-assignments, will reportedly number 250 nationally in November, with the final U.S. tally estimated at 3,400 -- down from the original 3,800 estimate.

In the town of Rancho Cordova, Wells Fargo Home Mortgage plans 101 layoffs during December, according to a WARN filing with the California Employment Development Department.

A filing in Pennsylvania indicated that 93 Wells Fargo customer fulfillment and servicing credit & loss mitigation employees were laid off in Reading on Oct. 15.

In April, First Interstate Financial Corp. laid off 170 employees in Shrewsbury, N.J., according to a filing with the state's Department of Labor and Workforce Development.

First Interstate surrendered its New York License on June 11, while the company notified its mortgage brokers customers in February 2009 that it was shutting down its wholesale lending division. As of Friday, First Interstate's Web site was not working.

GMAC Mortgage LLC reported to the State of California that 139 layoffs occurred on April 5 in Costa Mesa. The layoffs were apparently part of 269 ditech-related layoffs disclosed in February.

Saxon Mortgage Services parent Morgan Stanley said in June that it would cut 1,000 U.S. and foreign jobs, including some at its domestic mortgage unit, the Associated Press reported.

In a cost-cutting move, First Tennessee Bank N.A., is laying off 40 mortgage employees throughout Tennessee in the Fourth quarter, the Knoxville News Sentinel reported. First Tennessee Mortgage Production Manager Joel Graybeal reportedly told the paper that branch-based originators will be eliminated by the end of this year, and originations will be re-directed to Internet and telephone origination channels.

More than 200 of the 764 employees of 103-year-old TierOne Bank, which failed in June, were not hired by Great Western Bank, which acquired the Lincoln, Neb.-based institution from the Federal Deposit Insurance Corp., published reports indicated.

Pan American Mortgage LLC reported to the Illinois Department of Commerce and Economic Opportunity that two Chicago employees were laid off on Aug. 15.

The following banks notified state employment regulators about the following layoffs.

WARN Filings by Banks
Layoff Date Company Number Location State
31-Jul Bank of America 133 Glendale CA
31-Aug Bank of America 50 Tampa FL
20-Sep Bank of America 50 Hunt Valley MD
17-Sep Bank of America 89 Piscataway NJ
31-Aug Bank of America 135 Richmond VA
26-Nov Bank of New York Mellon 98 Lodi NJ
27-Aug Bank of New York Mellon 39 Lodi NJ
Jan. 17, 2011 Capital One 42 Tampa FL
18-Dec Capital One 24 Tampa FL
17-Sep Capital One 68 Bethesda MD
5-Nov Capital One 134 Laurel MD
1-Jun FirstMerit Corp. 119 Melrose Park IL
30-Jun Hancock Bank 19 Panama City FL
30-Sep Hancock Bank 19 Panama City FL
31-Dec Hancock Bank 19 Panama City FL
24-Aug Harris, N.A. 345 Rockford IL
27-Sep JPMorgan - JPMorgan Chase 561 Frederick MD
4-May JPMorgan - JPMorgan Chase & Co. 276 Troy MI
12-Nov Nextier Bank 57 Butler PA
Feb. 2, 2011 Nextier Bank 57 Butler PA
5-Nov Nextier Bank 57 Butler PA
22-Oct PNC 83 Chicago IL
9-Jul U.S. Bank 2 Los Angeles CA
15-Jul U.S. Bank 3 Los Angeles CA
16-Jul U.S. Bank 1 Los Angeles CA
31-Jul U.S. Bank 3 Los Angeles CA
15-Jul U.S. Bank 2 San Diego CA
16-Jul U.S. Bank 2 San Diego CA
31-Jul U.S. Bank 3 San Diego CA
5-Dec Wells Fargo 101 Rancho Cordova CA
15-Jan Wells Fargo 22 Rancho Cordova CA
31-Aug Wells Fargo 103 Des Moines IA

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Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of in 2000.

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