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Ditech Adding Production Jobs in MO

Mortgage News

Over a hundred employees impacted by Ditech Financial LLC’s decision to shutter a servicing unit are being offered jobs in production, and more hirings are ahead.

Ditech filed a
notice on May 2 with the Missouri Division of Workforce Development as required by the Worker Adjustment and Retraining Notification Act.

The WARN notice indicated that
103 people are impacted from the Tampa, Florida-based firm’s plans to cease collections operations at a location in Earth City, Missouri.

Employers are required to file WARN notices with state employment agencies when there are at least 50 layoffs planned at a given location within 60 days.

The filing indicated that the layoffs will take place on July 1.

But in Ditech’s case, it is converting the mortgage servicing unit
into an originations site, a spokeswoman explained in a written statement. The move is being made in response to rising loan demand.

“All current employees at the location were offered continued employment in the originations business, and we anticipate a significant number of those employees will accept their offers,” the statement said. “Ditech will pay for training and licensing expenses for employees who accept our offer to transition to originations positions.”

She noted that because it is unclear how many of the servicing employees will
ultimately accept the offer to transition to the new originations positions, “Ditech issued the WARN notices out of an abundance of caution.”

In addition, additional hires in the St. Louis market are planned for the Earth City location.

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