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Ocwen To Lay Off More Than 2,000 Employees Throughout The Year

Ocwen Financial plans to scale back on its overall workforce by more than 2,000 employees over the course of 2019, according to a recent report. The company is looking to reduce cost following a $360 million acquisition of PHH Corp.

"Ocwen revealed last week that it is planning to cut its net staffing levels by 2,100 positions by the end of this year. But the actual total number of layoffs is higher than that," according to HousingWire.

"According to Ocwen, the company has already laid off 700 employees and plans to lay off 1,600 more by the end of the year, for a total reduction of 2,300 employees."

Ocwen's CEO Glen Messina revealed that the reduction stems from a comparison between the company's expected staff number at the end of 2019 versus the the number of Ocwen and PHH's combined workforce at the end of the second quarter last year, according to the report.

"As of end of last year, approximately 4,600 of Ocwen’s total of 7,200 employees worked offshore, with the company employing approximately 4,100 people in India and approximately 500 in the Philippines. Of those offshore employees, approximately 80% work in mortgage servicing," according to HousingWire.

While specific positions were not mentioned in Ocwen's layoff plans, the company did mention "lower positions" as its source for the cuts.

To learn more about Ocwen's layoffs, click on the image above.

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