Ocwen Lays Off 300 Employees in Iowa

Ocwen Financial Corp. announced that it will lay off approximately 300 residential servicing employees at its facility in Waterloo, Iowa.

The layoffs, which affect 10% of its 2,900 U.S. employees, are part of the company's cost improvement initiative, Ocwen said in a press release Thursday. The company is looking for a tenant to lease half of its 155,000-square-foot facility in Waterloo.

The Atlanta-based company said that affected employees will have an opportunity to apply for positions at other Ocwen facilities, including 130 available jobs at its Coppell, Texas, site.

Last week, Ocwen said it expects to post a loss for the current fiscal year, as the company was cutting costs amid an investigation of its servicing practices.

In May, Ocwen closed a call centerin Houston, which affected 140 employees. Globally, the company employs 11,400 people.