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Texas Layoffs at Option One

57 Frisco jobs cut as part of restructuring

August 21, 2007


photo of Coco Salazar

Option One Mortgage Corp. is eliminating jobs in Texas as it executes a cost-cutting restructuring plan laid out by its parent earlier this month.

Option One will be closing down a facility in Frisco, Texas, and laying off 57 employees as a result, according to a Workers Adjustment and Retraining Notification letter the company issued to the Texas Workforce Commission on Aug. 13.

The affected "employees do not have the right to displace or bump any other company employee, and they will not be recalled for work," the letter read.

Oct. 12 will reportedly be the last day of work for the Frisco employees.

Twenty-one of the affected workers are account managers, and the rest consist of a branch production manager, receptionist, loan support coordinator and closers/funders and underwriters, according to the letter.

The "difficult decision" to eliminate the positions in the Frisco loan processing office is part of Option One's expanded restructuring plan reported by parent H&R Block Inc. in an Aug. 9 8-K filing with the Securities and Exchange Commission, spokeswoman Christine Sullivan told MortgageDaily.com.

"The restructuring plan is designed to reduce costs and improve operating efficiencies in response to reduced mortgage loan origination volumes and current secondary market pricing levels," Block said in the SEC filing.

The plan was originally laid out in May -- the same month 600 employees were notified their jobs would end by Sept. 3. The extension would include further staff reductions before yearend, according to the SEC filing, which also noted additional restructuring actions are possible in the future.

Option One declined to comment on how many total jobs the continued restructuring will eliminate.

The Irvine, Calif.-based nonprime lender continues to work toward closing its sale to Cerberus Capital Management L.P. in the second fiscal quarter, though the deal may not close until December.

Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

e-mail: [email protected]

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