Newrez Conducts Third Round Of Layoffs This Year

Newrez LLC, one of the top five mortgage lenders in the country, imposed its third round of layoffs this year that will affect 265 employees in Colorado and Arizona, per the the Worker Adjustment and Retraining Notification (WARN) notice sent to state authorities. In late June, the company filed 187 layoffs in Colorado and 78 layoffs in Arizona.

In October 2023, Newrez acquired Computershare Mortgage Services and its affiliate Specialized Loan Servicing (SLS) for $720 million. However, this brought redundancies to its structure, leading Newrez to reduce the number of roles in certain areas across the organization.

“Newrez, LLC will be conducting a reduction in force at its Greenwood Village, CO facility…All affected employees have been notified of their separation dates and that their separation from employment will be permanent,” the Colorado WARN notice stated. “Those employees are expected to be separated from employment beginning on August 26, 2024.”

Newrez employees at the Tempe, Arizona, office can expect to be separated August 26 as well. Affected employees are expected to receive a severance package, financial planning advice, mental health services, and job transition assistance.

At the start of the year, Newrez restructured its distributed retail mortgage business, cutting regional and divisional managers and reducing loan officers’ compensation. In May, Newrez announced the cut of 123 jobs in Florida and Colorado, effective July 1. In early June, another 317 employees received notification of layoffs in Colorado, with their expected separation dates beginning on August 2.