If i got this correctly, more than 2,000 jobs will be cut - and majority of that in the U.S.
Really bad days/weeks/months are ahead of us.
If anybody has more details on this, it would be highly appreciated if they decided to share here with us.
Good luck all!
June C Campbell, Ocwen Financial Corporation's EVP & Chief Financial Officer, just received 115,208 options and restricted shares from the company. Another one of Messina's pals from GE. More to come.
Most of what's left in the US will be managing the employees overseas. This is the Ocwen way. They will sacrifice quality to save payroll. This is why they will eventually have regulator issues again. They walk a fine line at this company. It's the reason the CFPB crippled them the last time round. Messina is only doing what he does best. Tear down the foundation and either sell what's left or fail miserably. I'm not sure what's worse, the overseas employees who can only read off a script or the remaining complacent PHH folks who worked there for years because they knew their limited talents wouldn't translate elsewhere. This is the blind leading the blind from here on out.
Aside from the the MSP software, servicing has been adapting most of the processes from Ocwen at Ocwens request....
Who will be left in the US then?
Messina is cleaning house. It's obvious his loyalty is on the PHH side. They must have an agreement with the CFPB that they would adopt everything PHH. They have eliminated as much of the Ocwen footprint in regards to offices and eventually the employees. The kept Rancho because it's Reverse Mortgage. St Croix for a tax break. West Palm because that's the home office where a lot leadership resides. Mt Laurel, NJ (PHH) is the new main hub. They will eventually try and send as much jobs overseas as possible. Messina has done this before with PHH. He will continue to hire his friends from GE. Within two weeks, 1600 will lose their jobs and 1000 will remain in the US. The 4600 employees overseas will remain safe. Messina and the company have zero loyalty to their employees. Unless of course, you worked at GE with Messina.
mt. Laurel layoffs started today, a lot in doc control, escrow, dld, and loss mitt including their entire QC team- Team players and supervisors. It’s 1400 people from what’s left in the US. It will leave whoever is left bare...
I heard all of Addison is closing and some front fort Washington will be able to commute to Mt.laurel.