Mr. Cooper slashes 300 mortgage jobs

by Ryan Smith30 Jan 2020

Mr. Cooper is slashing more than 300 mortgage jobs, the company has announced.

The company has notified the state of Oregon that it will be closing a facility in Beaverton, Ore., in March. In the notice, Mr. Cooper said that “approximately 301” employees would be laid off as a result of the side closure.

“The site closure is expected to be permanent,” Mr. Cooper said in the WARN notice it filed with the state. “These layoffs are expected to be permanent. … All affected employees have been notified of their separation date and that their separation from employment will be permanent.”

The affected employees’ jobs will end on March 18, according to the company.

“After careful consideration of all our options and strategic priorities, we made the decision to close the Beaverton, Oregon location,” Mr. Cooper said in a statement. “While we deeply regret team members in Oregon will be impacted, we believe our changes will allow for investments that further our goals and improve the customer experience.”

The closure affects Mr. Cooper’s Seterus servicing operation, which it purchased from IBM last year. Just after the acquisition was announced, IBM handed more than 300 Seterus employees their walking papers. Days after that, Mr. Cooper slashed more than 100 jobs in its own origination department.