Nationstar Mortgage layoffs, on the record
Every job cut, severance charge and restructuring Nationstar Mortgage reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 6,740 to approximately 7,600.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 6,740 | December 31, 2015 |
| 10-K for 2016 | approximately 7,750 | December 31, 2016 |
| 10-K for 2017 | approximately 7,600 | December 31, 2017 |
Job cuts, severance and restructuring
Our summaryCompany instituted corporate restructuring and cost savings initiatives in the fourth quarter of 2013, which lowered corporate expenses.
Word for word“Other corporate expenses decreased reflecting corporate restructuring and other cost savings initiatives which was instituted during the fourth quarter of 2013, combined with lower salaries, incentive compensation and benefits as a result of lower headcount and profitability.” 10-K for 2015
Our summaryCompany carried out an organizational restructuring in the first half of 2015, which increased compensation and related expenses in Corporate and Other.
Word for word“Expenses decreased for the year ended December 31, 2015 versus 2014 due to lower REO losses, lower losses on inventory loans and lower servicing expense in our Legacy portfolio partially offset by higher compensation and related expenses due to an organizational restructuring in the first half of 2015.” 10-K for 2015
Our summaryCompany continued to right-size Servicing, Originations and Xome operations and personnel, including employee severance and lease termination costs, under its restructuring programs.
Word for word“During 2015, Nationstar continued to right-size Servicing, Originations and Xome operations and personnel.” 10-K for 2015
Our summaryCompany recorded restructuring charges for canceled leases tied to office closures and workforce terminations.
Word for word“Nationstar recorded restructuring charges related to canceled lease expenses of $0.1 million , $(0.6) million , and $4.1 million for the years ended December, 2015, 2014 , and 2013 , respectively are reflected in general and administrative expenses.” 10-K for 2015
Our summaryCompany recorded restructuring charges for employee severance, which were all reflected in salaries, wages and benefits.
Word for word“The Company recorded restructuring charges of $12.4 million , $0 , and $8.8 million for the years ended December 31, 2015, 2014 and 2013, respectively.” 10-K for 2015
Our summaryCorporate segment incurred severance-related expenses in connection with initiatives to reduce future corporate overhead costs.
Word for word“The Corporate segment also incurred severance related expenses of $5 in connection with initiatives to reduce future corporate overhead costs.” 10-K for 2016
Our summaryOther corporate costs rose due to non-recurring restructuring costs recorded in the fourth quarter of 2016.
Word for word“Other corporate costs increased in 2016 due to non-recurring expenses in the fourth quarter related to restructuring costs and technology disposition, higher marketing expenses, investments in corporate controls and risk management, interest expense related to a revolving facility used for general corporate purposes, and 2015 results included a nonrecurring gain of $8 related to the fourth quarter 2015 debt repurchase.” 10-K for 2016
Our summaryCompany recorded restructuring charges for lease terminations and other costs in 2016, with a restructuring liability balance of $5 at year end.
Word for word“Employee severance and other $ 9 $ 5 $ (9 ) $ 5 Lease terminations 1 — (1 ) — Total $ 10 $ 5 $ (10 ) $ 5” 10-K for 2016
Our summaryThe company recorded severance and other exit costs under restructuring plans that include office closures, lease restructuring and workforce terminations.
Word for word“As part of these restructuring plans, the Company incurred severance and other exit costs of $7 , $5 , and $13 for the years ended December 31, 2017 , 2016 and 2015 , respectively.” 10-K for 2017
Our summaryThe company closed its Buffalo, New York facility, incurring severance and lease termination costs.
Word for word“During the year ended December 31, 2017 , $2 of the $7 severance and other exit costs incurred related to the closure of the Company's facility in Buffalo, New York, of which $1 was related to employee severance and other costs and $1 to lease terminations for the facilities lease.” 10-K for 2017
Our summaryRestructuring costs in 2017 included severance expense and lease restructuring exit costs.
Word for word“The restructuring costs included $1 of severance expense in salaries, wages and benefits and $2 of exit costs included in corporate and other general and administrative expenses associated with the restructuring of leases.” 10-K for 2017
Our summaryXome's salaries and wages decreased in 2017 due to a reduction in headcount and the sale of its retail title division.
Word for word“Salaries, wages and benefits expense decreased in 2017 compared to 2016 largely due to a reduction in headcount and the sale of our retail title division in 2017.” 10-K for 2017
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $5 million | $10 million |
| 2017-12-31 | $5 million | $9 million |
Nationstar Mortgage has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Nationstar Mortgage’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2018-03-02. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.