UPDATE: JANUARY 16, 2019 — THINGS ARE NOT LOOKING GOOD AT MR. COOPER EITHER
Mr. Cooper, who acquired Seterus from IBM, has announced it will be laying off 109 employees located in their Santa Ana, California office. The affected employees are part of the company’s origination unit.
According to a company spokesperson, “The company continuously looks for ways to further increase efficiencies and deliver value to our team members, customers and shareholders. We recently restructured some of our departments within our originations organization and, while we regret a small number of positions were eliminated, we believe our changes will further our strategic goals and best position us for continued growth in the market.”
Original post…
As part of a massive restructuring effort, Armonk, New York-based IBM has announced the layoff of 310 employees and the closure of its mortgage servicing subsidiary Seterus.
The facility in the Research Triangle Park section of Durham, North Carolina is expected to close following the subsidiary sale to the Dallas, Texas-based Mr. Cooper Group, the largest non-bank mortgage servicing company in the United States and formerly known as Nationstar Mortgage.
It appears that IBM' CEO, Ginni Rometty, is spearheading IBM's transformation which includes shedding all non-core services operations and moving toward, cloud, security, and cognitive computing capabilities.
IBM has been publicly accused of age discrimination by ProPublica, an independent investigative journalism organization.
Employees who are in middle management, are in support groups, and who are associated with non-core future business should remain vigilant.
Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... are you now wondering, Am I Next?