Ocwen Financial Corp. said Thursday that it plans to cut about 300 residential servicing jobs at its Waterloo, Iowa, facility, accounting for about 10% of its total U.S. workforce.

The embattled mortgage-servicing company said the employees can apply for jobs at other Ocwen facilities and it will try to lease out half of the building.

After more than a year of problems with regulators, Ocwen has been working to sell some of its mortgage-servicing rights and concentrate on mortgages not owned by government agencies. In May, the company said it would discontinue residential-servicing operations at its Houston facility, affecting about 140 employees.

Shares of Ocwen, down 74% in the past year, were up 1.9% at $7 a share in morning trading.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

 

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(END) Dow Jones Newswires

September 24, 2015 11:25 ET (15:25 GMT)

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