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Chase Consolidating Wholesale Unit

4 centers closing, 175 layoffs by yearend

September 23, 2008

By MortgageDaily.com staff


Chase Wholesale Lending is closing four regional centers and laying off more than 170 employees.

The company issued a statement to its mortgage brokers today indicating it is consolidating its wholesale lending operations in an attempt to "become even more efficient and effective over the long-term."

The consolidation is expected to be completed by December.

"As anticipated, the national implementation of ChaseLoanCenter has created production efficiencies throughout our organization," the message, signed by wholesale lending executives Rod Brace and Saber Salam, stated. "We expect to take advantage of scale and become more efficient by operating fewer, but larger centers."

The processes with ChaseLoanCenter are not impacted by the consolidation.

The move involves the closing of regional operations centers in Garden City, N.Y.; Westmont, Ill.; Tampa, Fla.; and San Ramon, Calif.

Broker business from those locations will be re-routed to centers in Dallas; Cleveland; Charlotte, N.C.; and Orange, Calif. Brokers who already utilize these centers are not expected to be affected.

The consolidation will impact 175 positions, Chase spokesman Michael Fusco told MortgageDaily.com in a statement.

Staff will be expanded at the remaining sites to handle the bigger workload, the broker memorandum said.

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