City officials react to Ocwen layoffs - KWWL - Eastern Iowa Breaking News, Weather, Closings

City officials react to Ocwen layoffs

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WATERLOO (KWWL) -

Ocwen Financial in Waterloo is in the process of letting go 300 employees, more than half of its Waterloo workforce.

A spokesperson with the company says unfortunately this is a long-term workforce reduction. That leaves about two hundred people working in that facility.

The layoffs are happening in waves, people close to the situation say they're going into effect near the end of the year, and beginning of next year.

A spokesperson with the company says the impacted employees will have opportunities to apply for other Ocwen jobs, including 130 open positions at its facility in Texas. Local city officials hope to keep those people in the Cedar Valley.

"We're optimistic that we can help put them in a situation where they can get education, retrained or to find a job to go into with the chamber and all the resources we have," said Quentin Hart, Waterloo Mayor Pro Tem.

The company says it plans to lease about half of the Waterloo building to someone else. They are working with the city of Waterloo and Greater Cedar Valley Alliance to find the right tenant.

This isn't the first layoff for Ocwen financial. In December 2013 more than 238 employees were let go. Last November, 50 more people were laid off.

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