Fort Washington, Pennsylvania-based Ditech Financial, a mortgage originator and loan servicer, has announced that the company will layoff 405 employees, 101 employees located at its Fort Washington headquarters over the coming months as it discontinues operations after the company’s two main subsidiaries were divested in its February 2019 bankruptcy, the second bankruptcy in 14 months. In addition, the company will layoff 305 employees and will cease Ditech's entire operations in Jacksonville, Florida on January 31, 2020.
The company’s reverse mortgage business, Reverse Mortgage Solutions, was sold to Washington, D.C.-based Mortgage Assets Management. And the servicing rights from its origination and servicing business, Ditech Financial, were told to New York City, New York-based New Residential Investment Corp, a public real estate investment trust focused on investing in the residential housing sector.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?