Option One Mortgage Corp., the Irvine subprime mortgage lender that’s being sold by H & R; Block Inc., is cutting 600 jobs and combining offices, according to trade publication National Mortgage News.
The lender plans to close 12 mortgage processing offices and cut workers by early September. About 130 job cuts will play out in Orange County.
The offices are across the country. A Lake Forest facility is set to combine with Option One’s Irvine Spectrum headquarters by July.
In April, H & R; Block struck a deal to sell Option One to private equity firm Cerberus Capital Management LP.
