Homeward Residential warns of 370 layoffs
Homeward Residential Inc. filed a notice Tuesday under the Worker Adjustment and Retraining Notification Act saying it could cut 370 jobs at its Jacksonville office between April and August.
Coppell, Tex.-based Homeward is a mortgage banking firm that changed its name a year ago from American Home Mortgage Servicing Inc., and then was acquired in December by Ocwen Financial Corp.
Homeward currently is operating as a subsidiary of Ocwen.
Calls to Homeward's offices were referred to an official at Atlanta-based Ocwen, who did not return phone calls Tuesday.
Ocwen paid $766 million in cash and preferred stock to buy Homeward from private equity firm WL Ross & Co.
At the time of the buyout, Homeward was one of the largest mortgage banking firms in the U.S., servicing about 422,000 home loans with a total principal value of more than $77 billion.
The Homeward deal, and another acquisition last fall, made Ocwen the sixth largest mortgage banker in the country with a servicing portfolio of $362 billion, according to the company.
Homeward had a total of 2,800 employees at the time of the buyout, but it is not known how many were employed in its Jacksonville office at 4875 Belfort Road.
In addition to its offices in Jacksonville and the Dallas-Fort Worth area, Homeward also has offices in New Jersey and India.
Ocwen has additional offices in West Palm Beach and Orlando, as well as Houston, Washington, D.C., St. Croix, the U.S. Virgin Islands, India and Uruguay.