Mortgage

IBM lays off 310 mortgage servicing staff at Seterus

Layoffs announced days after Mr. Cooper reveals Seterus purchase

More than 300 employees working for mortgage servicer Seterus in Durham, North Carolina, will be out of a job come March. The news, revealed by a local CBS affiliate, comes just days after Mr. Cooper Group announced it had purchased Seterus from IBM.

Citing a document filed last week with the North Carolina Department of Commerce, CBS revealed that Seterus will be permanently closing its Durham office, with the termination of its employees effective March 11.

On January 3, Mr. Cooper announced that it had acquired Seterus in a $48 billion deal that is expected to close in the first quarter of 2019.

Mr. Cooper Group Chairman and CEO Jay Bray said the company was excited to welcome “more than 300,000 customers and the Seterus team to the Mr. Cooper Group family.”

Now, it appears that not all of the Seterus team will be joining the family.

Mr. Cooper Group made headlines Tuesday when HousingWire revealed it is laying off 109 mortgage employees in California effective at the end of January.

In a statement to HousingWire about the California layoffs, Mr. Cooper said it regularly evaluates its bottom line.

“The company continuously looks for ways to further increase efficiencies and deliver value to our team members, customers and shareholders.”

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