Hundreds of people will be without a job next year as a major Waterloo employer has announced layoffs.
Ocwen Financial -- the company that purchased GMAC Res-Cap's holdings last year -- will lay off 238 people next year.
"After a long and thorough review of current and projected staffing needs, we have made the difficult decision to reduce staffing levels in several locations," the company announced in a statement released Tuesday morning. "Those employees who are affected by the decision are being advised today."
The layoffs will happen between January and July of 2014, the company said, noting that 629 people will remain employed in the Waterloo facility.
"Ocwen remains grateful to all of our employees, including those affected by this decision, for their hard work and valuable contribution, and we maintain our commitment to the communities in which we operate," the company added in the statement. "And we continue to focus on providing solutions designed to benefit homeowners experiencing financial distress as well as the investors who own their loans."
Ocwen is headquartered in Dunwoody, Ga., and provides residential and commercial mortgage loan servicing.
Kerry Koonce of the Iowa Workforce Development told KWWL Tuesday that Ocwen has not filed any paperwork with her office for the layoffs.
Koonce said under the Worker Adjustment and Retraining Notification Act (WARN), state guidelines require a 60-day notification for layoffs impacting more than 25 people, and federal law requires notification for layoffs impacting more than 50 people.
She said if the company lays off employees in increments of 25 people or less, it would not have to follow the WARN guidelines.
Additionally, Koonce said the company still has plenty of time to file the necessary paperwork should the sum of layoffs take effect in the spring and summer of 2014.