Thread regarding Ocwen layoffs

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And now they're sending emails to the very employees that they decided they didn't need, asking us to work remotely for them as they need more workers. We saw the emails that came from upper management, where they knew they were making a bad choice getting rid of our positions. "It's just business," no it's a business that only cares about profit! They have a horrible reputation because they don't bother to take care of their people and you always have the sense that you're going to lose your job. Sorry, we've moved on from the horrors of Ocwen. As Ocwen put it to us, "good luck in your future endeavors."

Post ID: @6xxaz+XXrR7w1

“In addition, the reduction in our workforce may negatively impact employee morale. It is possible that critical employees may seek other employment, or that employees needed to assist with the transition will depart prior to their scheduled departure dates,” Ocwen cautioned.

“Further, it is possible that we have misjudged the number or allocation of positions needed to run our operations efficiently and critical functions could be understaffed,” Ocwen added. “Finally, the potential negative publicity accompanying the site closures and workforce reductions may invite increased regulatory inquiries. Any of the above risks, or a combination of these risks, could impair our ability to realize anticipated integration synergies and result in a material adverse effect on our business and operating results.”


Post ID: @hjsr+XXrR7w1

As part of the reduction, Ocwen plans to close six of its 10 primary locations in the U.S.

According to Ocwen, the locations that it will be closing are located in Waterloo, Iowa; Fort Washington, Pennsylvania; Addison, Texas; Atlanta, Georgia; Glendale, California; and Orlando, Florida.

Going forward, the company says that it plans to operate mainly out of four locations in the U.S.: West Palm Beach, Florida; Mount Laurel, New Jersey; Rancho Cordova, California; and St. Croix, U.S. Virgin Islands.

In fact, after the planned layoffs, much of Ocwen’s workforce will be offshore.

As of end of last year, approximately 4,600 of Ocwen’s total of 7,200 employees worked offshore, with the company employing approximately 4,100 people in India and approximately 500 in the Philippines. Of those offshore employees, approximately 80% work in mortgage servicing.

Post ID: @oee+XXrR7w1

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