Cost cutting at Ocwen Financial Corp. has recently led to a domestic staff reduction of more than a hundred employees.
In a statement to Mortgage Daily, the company indicated that it has conducted
an extensive analysis of its cost structure.
Ocwen subsequently decided to reduce staffing to a level that aligns
resources with current strategy and market opportunities.
“These decisions are never easy, and it is difficult to lose colleagues who have contributed to the company’s success,” the statement said. “However, it is essential to bring our costs into proper alignment in order to preserve the necessary resources to drive future growth and restore the company to profitability.”
The company declined to provide details about what positions were impacted, where the layoffs took place or when the layoffs were completed.
But a source who asked not to be identified did confirm that 120 U.S. employees are impacted by the decision to reduce
headcount.
In its first-quarter 2016 earnings report, the Atlanta-based organization reported that
average U.S. employment was 1,540, down from an average of 2,174 last year.
