Mortgage servicing giant Ocwen Financial Corp. plans to lay off 54 employees in its Fort Washington facility by the end of the year, according to a WARN notice filed with the Pennsylvania Department of Labor and Industry.
The move was part of a reduction of force at various locations for the Florida-based company, though all but about 10 of the cuts were located in Fort Washington, which still has about 250 employees.
Ocwen spokesman John Lovallo said the cuts were necessary to “better align the company’s resources to drive future growth and restore profitability.”
Ocwen (NYSE: OCN) returned to profitability in the third quarter for the first time after four consecutive quarters in the red, earning $9.5 million after losing $111 million in the first quarter and $87 million in the second. The company has lost $188 million in first nine months of this year, compared to losing $22 million in the same period of 2015.
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