More than a hundred mortgage servicing employees located in the state of Louisiana are being laid off by Wingspan Portfolio Advisors.
The positions are located in Monroe, La.,
a facility that Dallas-based Wingspan acquired in September 2009 from JPMorgan Chase & Co.
At the time of the acquisition, Wingspan planned on retaining 400 Chase employees. In addition, more than 500 additional jobs were expected to be created during the following decade.
But a decline in demand for distressed servicers prompted Wingspan to disclose in October the elimination of an undisclosed number of employees at the Monroe office.
Now, additional employees at the location have been advised that they face unemployment.
Guy Davis, senior vice president at Wingspan, confirmed in a written statement that more than 100 layoffs will occur on April 30 in Monroe.
Davis explained that a client project came to an end. But he noted that additional projects are planned for the facility, which is consistently rated highest for customer satisfaction.
“Because of the nature of our services for large financial institutions, we often have to quickly staff large projects and just as quickly wrap up specific contracts,” he stated. “Many projects have finite terms or scope, and we try to manage to have replacement projects in place to prevent disruptions in employment.”
Davis said that no other layoffs are planned for other dates or locations.
Wingspan held a job fair in January with the objective of filling at least 35 open contract underwriter positions in Fort Worth, Texas.
As of last year, the company reported total staffing of 2,000 employees.
