Hundreds of layoffs planned next year in South Dakota by Ditech Financial LLC will push the number of layoffs over the prior couple of years at the struggling company past 1,300.
Ditech said in a written statement to Mortgage Daily that it has been conducting a thorough evaluation process to determine which locations to shudder.
According to
the Fort Washington, Pennsylvania-based company, deciding which locations should remain open is based on those that will best accommodate long-term business requirements and customer needs.
One of the locations that has not made the cut is an office in Rapid City, South Dakota.
Earlier this month, Ditech reportedly advised employees at the location that the office will be closed when the lease expires in November 2019.
Around 450 employees are impacted by the decision.
Ditech said it will maintain “a strong leadership presence in Rapid City” over the next 16 months in order to ensure a smooth transition and minimize the impact to borrowers.
The firm, formerly known as Walter Investment Management Corp., said it plans to answer employees’ questions and provide details about the office closing during the coming weeks and months.
Including the Rapid City job cuts, Ditech, which emerged from bankruptcy earlier this year,
has laid off at least roughly 1,336 employees over the past two or so years.
The previous job cuts were made in Georgia, Minnesota, Missouri, North Carolina and Texas.
Ditech last reported company-wide staffing at
4,100 employees as of the third-quarter 2017.
