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OneWest Laying Off Hundreds in Texas

Staff reduction follows notice of MSR sale

June 17, 2013

By Mortgage Daily staff

Hundreds of jobs in Texas are being eliminated by OneWest Bank FSB. The disclosure of the layoffs follows last week's revelation that the bank would sell a substantial share of its mortgage servicing rights.

As of June 30, 2012, Pasadena, Calif.-based financial institution had a total mortgage servicing staff of nearly 1,300 employees. The headcount was based on national employment.

The current staffing levels for mortgage servicing or for all employees working under the OneWest Bank Group LLC umbrella was not immediately available.

But data from the Federal Deposit Insurance Corp. indicate that 2,824 employees were on staff at OneWest Bank as of March 31, a few more than the 2,816 total as of the end of last year. Back at the end of 2011, bank headcount was 2,948.

Total staffing will be significantly less following planned layoffs in Travis County, Texas.

OneWest Bank filed a Workers Adjustment Retraining Notification on June 14 with the Texas Workforce Commission indicating that it is laying off 725 people.

The layoffs will take place on Aug. 31, and impacted employees work at a facility in Austin.

Spokesmen for OneWest didn't immediately respond to a request for information about which positions are impacted, whether additional layoffs are planned at other locations or what share of affected jobs are in residential lending.

Some of the terminated employees likely worked at IndyMac Bank FSB before it was shut down in July 2008 by the Office of Thrift Supervision.

A consortium of private investors with ties to J.C. Flowers & Co. LLC, Paulson & Co., MSD Capital L.P., Stone Point Capital LLC, SSP Offshore LLC and SILAR MCF-I LLC acquired IndyMac from the FDIC in March 2009 to create OneWest Bank.

Last week, Ocwen Financial Corp. indicated in a filing with the Securities and Exchange Commission that it had agreed to acquire MSRs on $78 billion in home loans from OneWest for $2.1 billion.

OneWest-subsidiary IndyMac Mortgage Services, had a servicing portfolio of $102 billion as of June 30, 2012.

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