Cooper makes biggest job cuts ever

retailers and servicers Mr Cooper dropped the ax on its staff of about 800, after hinting about a week ago that layoffs would come due to lower origination production.

“In the face of market volatility and economic uncertainty, The Cooper Group has taken disciplined and aggressive steps to wind down its Originations business, including the reduction of approximately 800 positions. ,” the company said in a statement. “By aligning our origination operations with the smaller mortgage market, we are able to carefully and effectively meet the needs of our current clients.”

Cooper said last week profit Third quarter revenue decreased 58% year over year to $113 million, largely driven by the services portfolio.

On the origination side, the company’s pre-tax operating income reached $45 million in the quarter ended September, down 83.3% year-over-year. Cooper said he originated $5.7 billion from July to September, down 26.1% from the previous quarter and down 71.2% from the same period in 2021. .

At least three layoffs this week major job cuts Of the Year – The company has laid off more than 1,500 jobs since January, including a layoff round in June. AprilPositions affected include operations staff and loan officers (known as “home advisors”).

“Mr. Cooper operates with a balanced business model that includes both service and origination, and while we are adjusting capacity in the short term, the origination platform remains central to our long-term strategy.” We have a long history of successfully navigating various cycles and are confident that these changes will further enhance our ability to invest and grow in the future.”

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