The mortgage operating unit of Walter Investment Management Corp. is closing an office in Texas. Hundreds of employees are impacted.
Ditech Financial LLC, a subsidiary of the Tampa, Florida-based financial services company, is closing an office location in the Dallas suburb of Irving.
The unit, which handles mortgage servicing and originations for Walter Investment, closed down the Irving office on July 12.
Walter Investment Notified the Texas Workforce Commission of the job cuts in a filing required by the Worker Adjustment and Retraining Notification Act.
According to the notice, 437 Irving employees are being laid off.
WARN filings are supposed to be made 60 days prior to the planned layoffs, though the filing for the Ditech layoffs wasn’t made until
the same day.
Walter Investment previously reported 4,500 employees across the entire organization as of March 31.
The layoffs came as Walter Investment disclosed Friday that it received written notification from the New York Stock Exchange that it was out of compliance because the closing price of its common stock fell below $1 over a consecutive 30 trading-day period as of July 10.
