Wednesday, March 6, 2019

Ocwen (formerly DiTech) closing Fort Washington facility

Lost another one to Ditech!

By Jeff Blumenthal  – Reporter, Philadelphia Business Journal
As part of a cost-cutting plan to help the company return to profitability after five consecutive annual losses, Ocwen Corp. said it will close its Fort Washington office, with the 125 employees working there subject to either layoffs or transferring to a South Jersey facility.

While a spokesman did not offer a specific number, he said some of the employees working at 1100 Virginia Drive will be laid off and others will transfer to the Mount Laurel, N.J. office the mortgage company added last year via the $360 million acquisition of competitor PHH Corp.

Spokesman Dico Akseraylian said the Fort Washington site will close in September and all impacted employees will be notified by March 15. Ocwen employees were told of the pending changes last week. Impacted employees will receive 60 days notice, a severance package and career transition assistance. Akseraylian said exit dates will vary through the course of the year.

Akseraylian said Owcen leases over 77,000 square feet there but declined to disclose future plans for the site.
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