Mortgage servicer slashes 120 jobs

An embattled mortgage servicer has cut more than 12 jobs across the nation as part of a restructuring effort

Mortgage servicer slashes 120 jobs
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.