Mr. Cooper Group Inc., a mortgage servicing operation that was recently acquired by Rocket Cos., plans to layoff 102 workers in January at its Lake Forest business, according to a state filing.
Detroit-based Rocket Cos. restructured the operations of Mr. Cooper since the two businesses completed their combination in a $14.2 billion all-stock transaction on Oct. 1.
“The site will continue to operate and will not be closed,” wrote Angela Greenfeather, executive vice president and chief human resources officer with Mr. Cooper, of the Lake Forest business in a Dec. 8 letter filed with the state’s Employment Development Department.
The layoffs are effective Jan. 16.
The permanent layoffs were mentioned in a notice filed with the EDD as part of the federal Worker Adjustment and Retraining Notification Act — commonly referred to as WARN. Notifications are required when an employer lays off more than 50 employees.
Founded in 1994, Mr. Cooper initially announced plans to layoff 88 workers in mid-November at its business at 25500 Commerce Centre Drive. However, wrote Greenfeather, 14 more positions were identified in the January layoffs, she said.
Among the worker positions cut were vice presidents in charge of strategic initiatives and loan processing, underwriters, loan processors, funding staff and business analysts.
The combined Rocket Cos. and Dallas-based Mr. Cooper Group Inc. created a business representing one in every six mortgages in the United States.
The merger united Mr. Cooper’s servicing operations with Rocket’s scale in mortgage origination and its growing real estate and technology platform. As part of the transaction, Mr. Cooper and its servicing operations will transition under the Rocket brand.
Rocket has been on a buying spree, Bloomberg reported in October. The company announced deals for Mr. Cooper and home-search platform Redfin Corp. in just a three-week span this year. Rocket is looking for “greater control over the entire process of buying, selling and financing a home,” Bloomberg said. The deal for Redfin was completed in early July.
“By combining mortgage servicing and loan origination, along with home search through Redfin, we are paving the path for Americans to own the dream,” Rocket Chief Executive Officer Varun Krishna said in a statement Oct. 1.
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