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PHH Mortgage Cutting More Jobs

New York employees impacted

Oct. 4, 2013

By Mortgage Daily staff

As the parent of PHH Mortgage Corp. considers unloading its money-losing home finance unit, more jobs are being eliminated at the subsidiary.

PHH Corp. disclosed in its fourth-quarter 2013 earnings report that mortgage earnings were a $78 million loss during 2013.

In the same report, PHH indicated that it had decided "to explore a separation or sale of" its mortgage unit and its fleet business.

On Thursday, the Mount Laurel, N.J.-based lender reported that it is laying off employees at a facility in Amherst, N.Y.

The job cuts will begin on May 21, while they are expected to be completed by July 2.

PHH notified the New York Department of Labor about the staff reduction in a filing made as required by the Worker Adjustment and Retraining Notification Act.

According to the WARN filing, 135 employees are being let go.

The reason for the layoff was listed at "economic."

One year ago, PHH picked up 400 Amherst employees from its acquisition of mortgage operations from HSBC.

In addition, it planned on adding another 400 Empire State jobs -- a move that would have given it $3 million in state resources and local support.

Word of the Amherst job cuts comes less than three months after PHH finished laying off 365 finance and insurance employees in Jacksonville, Fla.

PHH Mortgage profile

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