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Chase Eliminates Texas Servicing Jobs

Layoffs tied to servicer settlement

Jan. 22, 2013

By Mortgage Daily staff

More than a hundred mortgage servicing employees in Texas are being laid off by JPMorgan Chase & Co. The job cuts bring to nearly a thousand the number of layoffs resulting from a recent settlement with federal banking regulators.

The New York-based company was among 10 companies to enter agreements earlier this month with the Office of the Comptroller of the Currency and the Federal Reserve that resolved the foreclosure review requirements of consent orders issued in April 2011.

Following the announcement about the agreements, Chase disclosed that it would layoff distressed servicing employees in Brooklyn, N.Y., and Florence, S.C.

Around 300 jobs are impacted in South Carolina, while the New York layoffs total 529.

The latest round of layoffs are in the Dallas suburb of Coppell, Texas.

Chase filed a Worker Adjustment and Retraining Notification Act notice with Texas Workforce Commission on Jan. 17.

According to the WARN filing, 121 employees will be laid off on March 10.

Chase spokeswoman Amy M. Bonitatibus confirmed in a telephone interview that the job cuts also resulted from the agreement with the OCC and Fed.

"This was part of our Jan. 7 announcement relating to the independent foreclosure review," Bonitatibus said. "So certainly, to your point, [it's] very relevant that, you know, delinquencies are down, fewer homeowners are falling behind, so we need fewer resources. It's the same thing."

Chase Continues Servicing Layoffs
More than 500 mortgage servicing employees are being laid off by JPMorgan Chase & Co. as it scales back staffing needs in light of the recent servicer settlement. The latest round of layoffs follows job cuts resulting from improved performance on its residential loans.

Chase Eliminates Hundreds of East Coast Mortgage Jobs
Improved performance on its residential loans means that staffing needs in distressed servicing have diminished at JPMorgan Chase & Co. As a result, hundreds of employees located on the East Coast have been laid off.

Servicer Settlement Ends Foreclosure Reviews
The country's biggest mortgage servicers have reached an agreement with federal banking regulators that will end foreclosure reviews required under consent orders issued nearly two years ago.

JPMorgan profile

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