Ocwen to Cut 10% of U.S. Workforce
September 24 2015 - 11:40AM
Dow Jones News
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)
Copyright (c) 2015 Dow Jones & Company, Inc.
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