Laid off from Newrez.

What Newrez layoffs have meant for employees

If you worked in origination at Newrez or Caliber in 2022, the rounds around you were pieces of a much larger contraction. Rithm's 2022 annual report says the Caliber and Genesis deals had added more than 7,000 people in the second half of 2021, and that headcount fell by more than half over 2022, primarily in origination, as the company brought its costs in line with lower loan production. The reasons given at the time pull two ways, a spokesperson describing synergies between the merged companies in HousingWire's mid-2022 story and HousingWire's September 2022 report setting Caliber's round against soaring rates and thinning loan volume. If your job ended with loans still in your pipeline, a list of those files and their expected closing dates gives you something concrete to point to, because laid-off loan officers in that September report said loans still in their pipelines weren't paid out.

The 2024 rounds reached the servicing side, at offices in Colorado, Florida and Arizona. Newrez told Inman it had spent months assessing the job redundancies the SLS purchase created, and National Mortgage News traced more than 450 of the May and June layoffs to offices that had belonged to Computershare Mortgage Services. If you were at Greenwood Village, your site was named in all three rounds and accounted for about four in five of the layoffs noticed in those rounds. The roles named included foreclosure, loss mitigation, customer support and special loans work. If your job was at one of those sites, the unemployment pages for Colorado, Florida and Arizona are where to look up that state's rules.

Retail lending, which ran as Newrez's Caliber Home Loans division, shrank in steps. Most of Caliber's loan originators were laid off after the 2021 deal closed, Inman reported, and Caliber was fully folded into Newrez by the end of 2023. Across all of Newrez's lending, the loan originators it sponsored on the licensing system fell by hundreds between October 2023 and July 2024, a companywide count that Inman cited from licensing records. In February 2024, the month HousingWire says it let retail managers go and lowered loan officer compensation, an executive told National Mortgage News the company was "100% committed" to distributed retail. Two and a half years later Newrez agreed to pass that business to Synergy One.

If you work in Newrez's consumer direct, wholesale, correspondent or joint venture lending, the agreement leaves that work with Newrez, which framed the move as shifting capital toward joint ventures and its Newrez Direct strategy. The handoff covers distributed retail and the people in it, and in National Mortgage News's July report a Newrez spokesperson said the company was managing the transition so business kept flowing and loan officers kept their customer relationships. Synergy One's division president, in the companies' release, spoke of Newrez's decision to trust Synergy One with their people. If you're in distributed retail and have an offer to move, it's worth knowing how your loans in process are handled in the switch, since loan officers cut in September 2022 said theirs weren't paid out.

Cuts followed both deals quickly. New Residential cut 386 positions less than a year after buying Caliber, Newrez filed its first notices tied to SLS the day after that purchase closed, and the 2024 lists put senior titles beside front-line servicing jobs. If you want to check a Newrez site against the state filings, our WARN tracker can be searched under Newrez and the spellings it has filed under.

A sourced history of Newrez layoffs

• Late June 2024, cuts in Colorado, Arizona and Florida

  Newrez's notices of June 27 and 28 set Aug. 26 layoffs for 187 people at Greenwood Village, 78 in Tempe and 12 in Jacksonville, figures Inman reported, with senior vice presidents among them. The Tempe notice, filed June 28 according to National Mortgage News, covered former Computershare workers.

• June 2024, 317 layoffs at Greenwood Village

  Newrez's June 3 notice to Colorado, which National Mortgage News covered, set 317 layoffs at Greenwood Village from Aug. 2, reaching analysts, foreclosure and loss mitigation specialists and a few executives. The notices said those affected had no bumping rights.

• May 2024, notices the day after the SLS deal

  The day after Rithm closed its $720 million purchase of Specialized Loan Servicing and its parent, Computershare Mortgage Services, Newrez filed notices for 156 layoffs starting July 1, Inman reported, 103 in Colorado and 53 in Florida.

• February 2024, Caliber retail managers let go

  Newrez let go of regional and divisional managers who had joined with Caliber in what it called, to National Mortgage News, a "bit of a flattening of the organization." The same restructuring, HousingWire reported, cut loan officer pay.

• November 2022, 24 jobs at a Columbia, Maryland office

  A Nov. 4 notice from New Rez, LLC, logged in Maryland's WARN records, set a mass layoff of 24 people at 6250 Old Dobbin Lane in Columbia for Jan. 1, 2023.

• September 2022, at least 300 cut at Caliber

  Rithm-owned Caliber Home Loans issued pink slips to at least 300 people, HousingWire reported from an internal document, processors hardest hit, with employment ending Sept. 20. Sources said severance depended on tenure.

• February 2022, 386 cut after the Caliber deal

  New Residential, the parent now called Rithm Capital, sent pink slips to 386 employees, about 3% of its mortgage workforce, telling HousingWire it was creating "synergies between companies." Former employees described more origination rounds at month's end through May.

What to do if you're laid off from Newrez

• File for unemployment in the state where you worked. Benefits run from your filing date, and severance usually doesn't block you. Newrez's biggest hubs: Colorado, Florida, Arizona. Somewhere else? Every state is here.
• Apply for financial and hardship assistance. Unemployment supplements income, but food benefits, health coverage and utility help are often available as well. Here's some of what Newrez's hub states run: Colorado, Florida, Arizona, and every other state is here.
• Mind the health insurance window. Losing coverage opens a 60-day special enrollment period, and an ACA plan usually beats unsubsidized COBRA. Compare your options before the employer coverage lapses, and read how the COBRA clocks run if you are weighing it seriously.
• Get your real runway number. Severance plus savings divided by reality. The calculator takes five minutes.
• Know which clocks are already running. Severance review windows, COBRA election, visa grace periods, and 401(k) rollovers all run on federal deadlines that started at termination. All five deadlines are here.