Dozens of employees in New York are being laid off by PHH Mortgage Corp. as a result of business the company recently lost.
PHH disclosed in August that it was advised by HSBC Bank USA that it was losing subservicing on 139,000 residential loans.
The Mount Laurel, New Jersey-based firm indicated that the loans account for around 29 percent of its total subservicing portfolio.
The loss of the business,
along with the previously announced loss of subservicing from Merrill Lynch Home Loans, has led to job cuts.
In a
Worker Adjustment and Retraining Notification Act filing with the New York Department of Labor, PHH revealed that it is terminating employees in Williamsville.
According to the WARN filing, 91 of the 294 employees at the location are impacted.
The layoffs will take place on Dec. 31.
Although
the WARN notice attributed the job cuts to a reduction in loan originations, PHH Senior Vice President Marketing and Communications Dico Akseraylian clarified in a written statement that “the 91 people as stated in WARN are servicing employees.”
Akseraylian added, “The layoffs are a reflective of client-driven reductions in sub-servicing and loan origination volumes.”
