Across the country, Ocwen notified 844 people that they are losing their jobs, including 237 in Dallas and 238 in Waterloo, Iowa. Smaller numbers were laid off in eight other locations.
Fifty workers in a lending office in Mount Laurel will not be affected, Gillespie said. "There is no impact in Mount Laurel," he said.
A U.S. Bankruptcy Court last year approved a joint $3 billion buyout bid from Ocwen Loan Servicing and Walter Investment Management for Residential Capital (ResCap), a big subprime mortgage lender based in New York.
The court also approved the sale of ResCap's portfolio of about 50,000 loans to Berkshire Hathaway Inc. for $1.5 billion. ResCap, formerly the mortgage arm of Ally Financial Inc., filed for bankruptcy protection in May 2012 after being hobbled by payments on debt taken out to finance home mortgages that soured.
"Throughout 2013 we have been combining multiple mortgage-servicing portfolios as the result of recent acquisitions," Gillespie said.
"We focused on trying to provide the best service for both customers and the investors. We integrated much of the servicing portfolios onto a common technology platform," Gillespie said. "Much of that integration work is done."
Because of the consolidation and "some redundancy of functions, we've done the review and projected current long-term staffing needs and we made the decision to reduce staffing levels," Gillespie said.