NOVEMBER 11, 2022 — THIRD ROUND, ANOTHER 800 EMPLOYEES
In the third layoff of 2022, the company laid off another 800 employees from its mortgage origination unit.
According to a company spokesperson, “In the face of market volatility and economic uncertainty, Mr. Cooper Group has taken a disciplined and proactive step to scale back the originations business, including the elimination of approximately 800 positions. By aligning our originations operations to the smaller mortgage market, we can thoughtfully and effectively meet the needs of our current customers.”
“Mr. Cooper operates with a balanced business model including both servicing and originations, and while we are adjusting capacity in the short term, our originations platform remains central to our long-term strategy. We have a long history of successfully navigating different cycles, and we are confident these changes will further our ability to invest and grow in the future.”
“Saying goodbye to valued team members is always a difficult decision and one that we make only after considering all of our options. Our team members play the most important role as we focus on keeping the dream of homeownership alive, and any action taken that impacts our team and culture is taken very seriously. We are committed to being transparent and respectful during this time and are offering resources to support these team members as they transition to the next phase of their careers.”
JUNE 10, 2022 — Original post…
Dallas, Texas-based Mr. Cooper, formerly Nationstar Mortgage Holdings, a servicing, and retail mortgage originator, has announced a major reduction in force.
Approximately 420 employees, mostly originators, including 120 employees at its Santa Ana, California office. This follows 250 layoffs earlier this year.
The decision appears to be driven by a difficult mortgage market with rising interest rates and a lower volume of originations and refinancing activity.
According to a company spokesperson, “While the mortgage industry experienced record high origination volumes in recent years and resources were scaled up to meet consumer demand, the industry now faces higher interest rates leading to lower originations volumes. It is with deep regret that we needed to eliminate positions as part of our efforts to manage costs and ensure we position the company for long-term success.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?