Mortgage lender PHH Corp. said it will cut its employee headcount by 64 percent by the second half of 2018.
In a supplement to its second quarter earnings report, the Mount Laurel, New Jersey-based company said to expect PHH to have a headcount of 1,250 by the end of 2018, down from 3,500 at the end of 2016. PHH said it has reduced 650 full-time positions “and we expect the pace of head-count reductions to accelerate over the next four quarters,” CEO Robert Crowl said during a Wednesday conference call with investors.
Crowl said the company notified each employee about their status in PHH 2.0, the product of an almost year-long review of its strategic options that resulted in plans to operate a much smaller, focused mortgage company. The job cuts are part of that rightsizing.
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