Job cuts in mortgage servicing announced by Ocwen Financial Corp. amount to more than one-tenth of its domestic workforce.
As of Thursday, the Atlanta-based home lender and mortgage servicer reported a staff of approximately 2,900 people.
But more than 10 percent of Ocwen’s employees located in Iowa are being let go
as part of an ongoing cost improvement initiative.
A news release today indicated that roughly 300 residential servicing employees in Waterloo will lose their jobs because of a planned workforce reduction.
While it intends to maintain a presence in Waterloo, Ocwen said it will attempt to lease half of the 155,000-square-foot space at the residential servicing facility.
“We understand the impact that these decisions have on our employees, their families and the community,” Ocwen President and Chief Executive Officer Ronald Faris said in the statement. “This was not an easy decision to make, but a necessary one as we look to transform Ocwen to ensure long-term success.”
While no layoff date was stated in the news release, employers generally disclose layoffs involving more than 50 employees 60 days prior to the separation date.
Impacted employees
will have the opportunity to apply for employment at other Ocwen facilities.
In Coppell, Texas, there are 130 open positions.
Including offshore and domestic staffing, pre-layoff headcount at Ocwen stands at 11,400 employees.
