OneWest Bank plans to lay off 725 employees at a customer service facility in Austin, Texas, according to a notice filed with the state of Texas.
While the firm did not specify the positions cut, most of the jobs fall within the customer care or outreach category.
The Pasadena, Calif.-based company filed an official Worker Adjustment and Retraining Notification Act notice with the Texas Workforce Commission this month, informing them of a mass layoff scheduled for Aug. 31, 2013.
The cuts impact OneWest’s facility at 2900 Esperanza Crossing in Austin.
The announcement arrives not long after Ocwen Loan Servicing entered into an agreement to acquire mortgage servicing rights from OneWest Bank. The move also comes at a time when the nature of servicing loans is changing, prompting mass transfers of MSRs in the market.
Ocwen agreed to buy $78 billion in unpaid principal balance of MSRs and servicing advance receivables from OneWest this month for an aggregate purchase price of $2.53 billion.