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Thousands of Mortgage Layoffs in Process at Chase

Improvement in loan performance behind job cuts

Aug. 9, 2013 (updated Aug. 12)

By Mortgage Daily staff

As the level of distressed home loans continues to fall at JPMorgan Chase & Co., the level of mortgage layoffs is soaring.

Chase has seen a decline in the number of struggling borrowers, spokeswoman Amy Bonitatibus said in a written statement.

In addition, many of the borrowers have taken advantage of a recovering economy and historically low interest rates to refinance.

"We are responding to our customers’ changing needs," Bonitatibus stated.

She noted that Chase announced in February that it would be reducing its mortgage staffing by between 13,000 and 15,000 employees.

The reductions are expected to be complete by the end of 2014.

Among the most impacted cities is San Diego, where 730 employees are affected, according to Bonitatibus.

The New York-based company reported that 450 employees will be laid off in Florence, S.C., as it shuts down a distressed servicing center there. The jobs cuts will take place over the next year and are in addition to 550 pink slips handed out in March.

Bonitatibus noted that both the San Diego and Florence layoffs were prompted by expiring office leases.

"We are streamlining our functions and sites," she said.

Another 451 mortgage servicing layoffs are happening in Fort Worth, Texas, according to a statement from the Texas Workforce Commission. In addition, Chase notified the TWC that 52 more layoffs are occurring the Dallas suburb of Coppell.

Chase advised the commission that termination notices will begin on Aug. 13 and continue through Sept. 12. Terminations will begin on Oct. 11.

At another California mortgage office in Chatsworth, 300 people are being laid off, according to a story from the San Fernando Valley Business Journal. In addition, 245 jobs in Irvine, Calif., are being eliminated. Chase employs around 20,000 people in the Golden State.

In June, 435 Tampa, Fla., servicing employees were given notice, according to a Worker Adjustment and Retraining Notification Notice filed with the Florida Department of Economic Opportunity. Those layoffs will take place on Sept. 4.

Another 208 Tampa layoffs will happen on Oct. 11, Chase said in a WARN filing today.

Three hundred Ohio mortgage jobs are being eliminated in Columbus, Westerville and Gahana, the Columbus Dispatch reported. Headcount in the region is around 20,000.

The next few months will bring 150 layoffs in the Denver-suburb of Englewood, Colo., the Denver Business Journal reported.

In Milwaukee, 94 mortgage jobs are being eliminated during the next three months. Chase employs nearly 2,000 people in Wisconsin.

The Washington, D.C.-suburb of Falls Church, Va., saw 84 layoffs on July 6, according to a WARN filing reported by the Virginia Workforce Network.

"We will work with affected employees to find openings at Chase or other local companies," Bonitatibus said in the statement.

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