Mortgage

Mr. Cooper laying off 109 mortgage employees in California

Latest rounds of cuts for mortgage industry

Over the last several months, layoffs have hit companies across the housing industry as the industry works to find solid footing in a shifting mortgage market.

Movement Mortgage has been through a couple rounds of layoffs in the last year, as have JPMorgan Chase, Wells Fargo, loanDepot, and Gateway Mortgage, to name a few.

One company that’s been growing is Mr. Cooper Group, the nonbank formerly known as Nationstar Mortgage. The company, which merged last year with WMIH Corp., the former parent company of Washington Mutual, recently announced separate deals to buy mortgage company Pacific Union Financial and IBM’s Seterus mortgage servicing platform.

But, layoffs are about to hit Mr. Cooper, too, as the nonbank is set to lay off more than 100 mortgage employees this month.

Specifically, Mr. Cooper is laying off 109 employees in the state of California. The layoffs take effect on Jan. 27, 2019.

The details of the layoffs come courtesy of a Worker Adjustment and Retraining Notification Act notice filed with the state of California.

According to the details provided in the WARN notice, the layoffs are in Santa Ana and are categorized as “layoff permanent.”

HousingWire contacted Mr. Cooper, which confirmed the layoffs and stated that the cuts are coming from the company’s originations operation.

“The company continuously looks for ways to further increase efficiencies and deliver value to our team members, customers and shareholders,” Mr. Cooper said in a statement provided to HousingWire.

“We recently restructured some of our departments within our originations organization and, while we regret a small number of positions were eliminated, we believe our changes will further our strategic goals and best position us for continued growth in the market,” the company added.

And while Mr. Cooper becomes the latest company to lay off a number of employees, it likely won’t be the last.

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