Mortgage company PHH Corp. said last week that its total workforce would be reduced from 3,500 to 1,250 by the end of 2018 but did not indicate how many of those cuts would take place at its South Jersey headquarters.
On Monday, a company spokesman provided clarity on the impact to be felt at Mount Laurel, where PHH will reduce headcount from 1,900 to under 1,200. Virtually all of those reductions will occur via layoffs.
Dico Akseraylian, senior vice president for marketing and communications at PHH, said about half of the 2,250 cuts happening company-wide before 2019 are due to the sale of two units to other companies and about half of those individuals have been offered roles with their new employers.
PHH said in February that it would end its joint venture with Realogy Holdings Corp. It sold its share to a new joint venture that Realogy has formed with Guaranteed Rate called Guaranteed Rate Affinity, which is expected to begin doing business later this year. Guaranteed Rate offered jobs to the majority of affected PHH employees, Akseraylian explained, though some were laid off.
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