OceanFirst Bank will lay off more than 100 New Jersey employees as part of a plan to outsource its home mortgage operations.

Beginning in the fourth quarter of 2025, the bank will partner with Embrace Home Loans, which will handle its home mortgage operations, Jill Apito Hewitt, senior vice president and director of corporate communications and marketing, said in a statement on Tuesday.

The change will result in lay offs of 114 employees, all of whom are based in New Jersey. The workers will all receive severance pay and career transition assistance, the company said in a statement.

OceanFirst bank said the decision comes as the entire residential mortgage industry is facing difficult competition.

“Residential lending has become dominated in recent years by large-scale wholesale mortg

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