Newrez let go of hundreds of employees in Colorado,
On June 3, 317 workers were laid off at its Greenwood Village, Colorado location, per a Worker Adjustment and Retraining Notification. Roles impacted include analysts, foreclosure and loss mitigation specialists and a handful of executive positions.
A month prior, 103 employees were terminated from the same Colorado location and 53 workers were let go from its Jacksonville, Florida office, WARN notices show. The reductions come after Newrez acquired Computershare Mortgage Services and affiliate Specialized Loan Servicing LLC.
In total, over 450 employees were released from the organization from May to June from offices previously belonging to CMS.
It is not uncommon for repetitive positions to be eliminated following the completion of an acquisition,
Newrez declined to respond to a request for comment.
Employees notified of the pending reduction will be officially let go on August 2, Newrez wrote in its WARN notices. Those affected "do not have bumping rights, and they are not represented by a union," the company added.
The integration of Computershare adds $149 billion in unpaid principal balance to the company. This includes $104 billion in third-party servicing to Newrez's portfolio, the company said in a recent press release. The acquisition was financed through a mix of existing cash and available liquidity on the balance sheet, as well as additional MSR financing.
And while Newrez has moved to beef up its servicing operations, its retail segment has experienced some turbulence.
Earlier this year a handful of
Recently filed litigation claims the mortgage lender and servicer
However, the deals fell through because
