Mortgage servicer slashes 120 jobs

by Ryan Smith06 Jun 2016
Ocwen Financial has cut 120 jobs in efforts to slow the hemorrhaging from heavy losses this year.

The company, which posted a net loss of $111.2 million in the first quarter alone, slashed the jobs as a cost-saving measure, according to a HousingWire report.

“After an extensive analysis of our cost structure, we made the difficult decision to reduce staffing levels to better align the company’s resources with our current strategy and market opportunities,” Ocwen told HousingWire. “These decisions are never easy, and it is difficult to lose colleagues who have contributed to the company’s success. However, it is essential to bring our costs into proper alignment to preserve the necessary resources to drive future growth and restore the company to profitability.”

Ocwen has about 2,900 U.S. employees, according to HousingWire, meaning the job cuts trimmed about 4% of its U.S. workforce. The company also employs more than 7,000 people in India and the Philippines.


  • by kwloan | 6/6/2016 12:09:33 PM

    Wow - 2900 US based jobs and 7000 outsourced to India and Philippines? And of course the cuts come from the US side of the business. Makes me wonder if all mortgage servicers have these percentages of staffing outside the US? No wonder some of my clients complain about never being able to talk to someone that speaks English without the foreign accent that makes it so difficult to understand!


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