The servicer will close six of its 10 domestic offices as a cost-saving measure following its acquisition of PHH
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Ocwen Financial Corp. will pink-slip 2,100 employees this year, the company has announced.
The mortgage servicer has announced that it will close six of its 10 domestic offices, according to a report by The Waterloo-Cedar Falls Courier. The company is cutting staff in a cost-saving move after its recent $360 million acquisition of PHH Corp.
“As you can imagine, two large servicers coming together, that’s going to impact (operations),” Dico Akseraylian, Ocwen senior vice president of corporate communications, told the Courier.
The closures mean that Ocwen will be laying off employees in Atlanta; Orlando; Houston; Addison, Texas; Glendale, Calif.; Fort Washington, Penn.; and Waterloo, Iowa. The company will retain its corporate office in West Palm Beach, Fla., and its offices in Mount Laurel, N.J., Rancho Cordova, Calif., and St. Croix, US Virgin Islands.
Akseraylian said affected employees will get at least 60 days’ notice, be eligible for severance benefits and be offered career transition help.
“The most important thing is we are trying to do everything we can to ease the impact to employees,” Akseraylian told the Courier. “Decisions like this are very difficult when they impact employees.”
