Ocwen Financial laying off 300 in Waterloo

Ocwen Financial Corp. will cut about 300 jobs in Waterloo, the financial services company said Thursday.

Atlanta-based Ocwen said the layoffs are part of an "ongoing cost improvement initiative." Employees who lose their jobs in Waterloo can apply for positions at other Ocwen locations, the company said.

Ocwen also plans to lease half of its 155,000 square-foot Waterloo office.

"This was not an easy decision to make, but a necessary one as we look to transform Ocwen to ensure long-term success," Ocwen CEO Ronald Faris, said in a statement. "We appreciate all the support and dedication our Waterloo employees have shown over the years, and we look forward to remaining part of the Waterloo business community."

Ocwen employed about 650 people in the area as of Fall 2014, according to a report from the Greater Cedar Valley Alliance & Chamber.

The 300 layoffs represent about 10 percent of Ocwen's U.S. workforce, the company said in a statement. Ocwen employed about 11,400 people around the world as of Dec. 31, 2014.