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| A servicing company owned by EDS will exit the reverse mortgage business and, in the process, layoff more than 40% of its staff.
About 50 Wendover Financial Services Corp. employees recently received 60-day advance layoff notices, company spokeswoman Liz Bonet told MortgageDaily.com. The staff cuts are a result of a strategic decision to exit the reverse mortgage servicing business, she said. The lost servicing jobs are mainly clerical but also include administrative and technical employees, the spokeswoman added. Greensboro, N.C.-based Wendover will provide the affected employees with outplacement assistance, give them severance pay ranging from two to 20 weeks of base pay, depending on each individual’s tenure with the company, as well as the cash equivalent of one month’s cost of continued medical and dental coverage, according to Bonet. The subsidiary of business and technology solutions provider EDS will continue to provide servicing for other residential and consumer loans, she added. Bonet said EDS does not disclose the number of employees by business unit but said Greensboro staff will be reduced to about 70 individuals once the layoffs take effect in December. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.E-mail: s3celeste@aol.com |
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.
