Ocwen to cut 300 Waterloo jobs - KWWL - Eastern Iowa Breaking News, Weather, Closings

Ocwen to cut 300 Waterloo jobs

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WATERLOO (KWWL) -

Ocwen Financial Corporation is cutting about 300 jobs in Waterloo.

The financial services company says the layoffs being made represent 10% of the company's workforce nationwide. Those jobs are in residential servicing.

"We understand the impact that these decisions have on our employees, their families, and the community," said Ronald Faris, President and Chief Executive Officer of Ocwen said in a news release. "This was not an easy decision to make, but a necessary one as we look to transform Ocwen to ensure long-term success. We appreciate all the support and dedication our Waterloo employees have shown over the years, and we look forward to remaining part of the Waterloo business community," said Faris.

Ocwen says it plans to lease half of its Waterloo facility and is working with the city and the Greater Cedar Valley Alliance & Chamber on that.

According to this 2015 report, Ocwen employed 650 in the Cedar Valley.

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