Mortgage

Mr. Cooper shuttering Oregon office, laying off 301 employees

Employees were part of Seterus acquisition

For the second time in just over a year, more than 300 people employed by mortgage servicer Seterus are about to see their jobs eliminated.

Just over a year ago, IBM laid off just over 300 employees within its mortgage servicing operation, Seterus. That move came just days after Mr. Cooper Group announced it was purchasing Seterus from IBM.

And now, one year later, Mr. Cooper is laying off another 300 employees from within the Seterus servicing operation.

Mr. Cooper (the company formerly known as Nationstar) is shutting down a Beaverton, Oregon office location that was part of the Seterus acquisition and eliminating all 301 positions at that location.

The layoffs were revealed in a WARN Notice filed with the state of Oregon. According to that WARN Notice, which can be read here, the closure of the Oregon facility is “expected to be permanent” and the layoffs are “expected to be permanent.”

The facility is expected to close on March 18, 2020.

“Mr. Cooper Group continuously looks for ways to further increase efficiencies that best meet the needs of our team members, customers and shareholders and ensures the long-term success of the business,” the company said in a statement.

“After careful consideration of all our options and strategic priorities, we made the decision to close the Beaverton, Oregon location,” the company continued.

“While we deeply regret team members in Oregon will be impacted, we believe our changes will allow for investments that further our goals and improve the customer experience,” the company concluded. “We are dedicated to supporting our Beaverton employees in this transition with career services and, where we can, have worked to find new opportunities for them within the company.” 

According to the company, the affected employees were told two months in advance that the office would be closing. Beyond that, the company is offering career transition support, including career coaching, resume and cover letter assistance, networking tips, mock interviews, and other aid to the affected employees.

Beyond that, the affected employees will have the option of consider a move to Mr. Cooper’s Texas offices and receive a stipend for relocation.

Seterus became part of Mr. Cooper in March 2019. At the time, Mr. Cooper said that the deal would add 300,000 new mortgage servicing customers to its portfolio. The deal included $24 billion in government-sponsored enterprise mortgages and a subservicing contract for $24 billion.

“We are excited to welcome more than 300,000 customers and the Seterus team to the Mr. Cooper Group family,” Mr. Cooper Group Chairman and CEO Jay Bray said when the deal was first announced.

“We are confident our new team will be energized by our people-first culture, and our new customers will benefit from our user-friendly mobile and online tools designed to help them manage their home finances,” Bray continued. “This transaction is consistent with our outlook for profitability targets and portfolio growth.”

But now, nearly a year later, more than 300 of those Seterus employees are about to be out of a job.

The layoffs at Mr. Cooper were first reported by The Oregonian.

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