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Mortgage Layoffs Linger

Recent mortgage-related layoffs

July 7, 2015

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Hundreds of positions in residential finance have been, or are slated, to be eliminated. Mergers are behind job cuts at two firms.

Out of the 460 employees impacted by Discover Financial Services' decision to shutter its home lending division, 393 are in Irvine, California.

Discover Home Loans detailed its California layoffs in a Workers Adjustment and Retraining Notification Act notice filed with the state's Employment Development Department.

Employees' last day at Discover is Aug. 15.

Wingspan Portfolio Advisors LLC, a formerly fast-growing special servicer of home loans, made job cuts in Florida.

A WARN filing with the Florida Department of Economic Opportunity indicated that 150 Melbourne, Florida, employees were laid off on June 30.

Wingspan previously reported in September 2013 that headcount exceeded 2,000 employees. The Dallas-based company's spokesman didn't respond to a request for a statement.

Bank of America notified its home state of North Carolina that it eliminated 216 Charlotte jobs on April 13. Another 29 Melville, New York, employees will be let go on Sept. 1, an Empire State WARN filing said.

BofA eliminated 16 Pittsburgh jobs on May 9.

Ocwen Financial Corp., which previously disclosed 140 Houston layoffs, pushed the number up to 141 in a WARN filing with the Texas Workforce Commission. The date of the layoffs is July 31.

In Des Moines, Iowa, 121 layoffs were reported by Nationwide Advantage Mortgage. July 13 is the last day of work.

The Federal Home Loan Bank of Seattle cut 109 Seattle jobs on June 1, a WARN notice said. The FHLB Seattle was acquired on May 31 by the FHLB Des Moines.

In Philadelphia, Wells Fargo is cutting 89 jobs as of July 13, a WARN filing stated.

Wells Fargo Home Mortgage filed a WARN indicating that 78 Springfield, Illinois, employees will be laid off on July 19.

Among 1,142 mortgage layoffs announced in March by Wells Fargo & Co. were 20 people in Charlotte, North Carolina, according to an article published by the Charlotte Observer.

JPMorgan Chase filed a WARN indicating 65 employees were laid off in Tampa, Florida, on May 25.

Chase said in March that it would eliminate 350 jobs in Rochester, New York. A subsequent WARN filing indicated that the final number is 390, and the date of layoffs was June 24.

A WARN filing in the Golden State indicated that 53 employees at Green Tree Servicing LLC are being let go. The termination date for the Rancho employees is Aug. 3.

Thirty-three workers are being laid off by Sterling National Bank in Chicago from May 3 through Sept. 10, a WARN filing said.

A merger between Lorain National Bank and Northwest Bancshares Inc. on Aug. 14 is expected to result in around 98 layoffs in Lorain, Ohio -- including an estimated 20 mortgage jobs.

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

[email protected]

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