Mortgage company to lay off 300
There's no word on how many PHH employees in Jacksonville will be let go.
By URVAKSH KARKARIA, The Times-Union
New Jersey-based mortgage company PHH will eliminate about 300 jobs at its Mount Laurel, N.J., and Jacksonville locations, citing the housing market slump.
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In an e-mail to PHH Mortgage employees, Chief Executive Officer Terence Edwards said affected workers will be offered severance packages and outplacement services.
It's not clear how many of the cuts will take place in Jacksonville. Calls to PHH were not returned Wednesday.
"Recent housing-market developments continue to negatively impact the level of originations and profitability of mortgage companies industry-wide," Edwards said in the e-mail, obtained by The Times-Union. "Like our competitors, we now find ourselves forced to implement a layoff."
Edwards left the door open for further pink slips.
"In the past, when we have reduced the number of our team players I was able to say the cuts were over for the foreseeable future," Edwards said in the e-mail. "This time, I am unable to promise that. We will continue to evaluate business flow and new client signings to determine if further reductions will be necessary."
The CEO said he hoped further cuts could be avoided by, among other things, signing new customers and clamping down on costs.
Earlier this year, PHH agreed to a $1.8 billion buyout by GE Capital Solutions. As part of that deal, GE plans to sell PHH's mortgage unit to Blackstone. But PHH announced last month that Blackstone is having money trouble, so the buyout might fall through. Blackstone received a letter from its lending group indicating that its funding plan might fall $750 million short of what it needs.
urvaksh.karkaria@jacksonville.com,
Visit DiversityJobs.com for information on Diversity in the workplace
By URVAKSH KARKARIA, The Times-Union
New Jersey-based mortgage company PHH will eliminate about 300 jobs at its Mount Laurel, N.J., and Jacksonville locations, citing the housing market slump.
sponsored links
In an e-mail to PHH Mortgage employees, Chief Executive Officer Terence Edwards said affected workers will be offered severance packages and outplacement services.
It's not clear how many of the cuts will take place in Jacksonville. Calls to PHH were not returned Wednesday.
"Recent housing-market developments continue to negatively impact the level of originations and profitability of mortgage companies industry-wide," Edwards said in the e-mail, obtained by The Times-Union. "Like our competitors, we now find ourselves forced to implement a layoff."
Edwards left the door open for further pink slips.
"In the past, when we have reduced the number of our team players I was able to say the cuts were over for the foreseeable future," Edwards said in the e-mail. "This time, I am unable to promise that. We will continue to evaluate business flow and new client signings to determine if further reductions will be necessary."
The CEO said he hoped further cuts could be avoided by, among other things, signing new customers and clamping down on costs.
Earlier this year, PHH agreed to a $1.8 billion buyout by GE Capital Solutions. As part of that deal, GE plans to sell PHH's mortgage unit to Blackstone. But PHH announced last month that Blackstone is having money trouble, so the buyout might fall through. Blackstone received a letter from its lending group indicating that its funding plan might fall $750 million short of what it needs.
urvaksh.karkaria@jacksonville.com,
Visit DiversityJobs.com for information on Diversity in the workplace
Labels: Florida, layoffs, PHH Mortgage
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