JP Morgan's previously announced plan to massively slash headcount ( by approximately 15,000 ) in its mortgage banking unit , with most cuts hitting loan servicing and foreclosure depts - anyone wonder how their mortgage originations units will fare in a rising rate environment ?

JP Morgan cutting a lot in August......


http://bizbeatblog.dallasnews.com/tag/layoffs/

( announced 8/8 )


JP Morgan Chase is laying off 475 mortgage-related employees in North Texas as fewer customers need help with troubled loans, the bank said today.

The local job cuts are part of a previously-announced companywide workforce reduction in mortgage banking. In February, JP Morgan said it would cut 13,000 to 15,000 workers over the next year.

The bank has 14,500 workers in North Texas, one of the largest work forces outside of the company’s headquarters in New York.

The staff reduction also reflects a recovering housing market nationwide.

Banks are shifting resources to mortgage origination while cutting jobs dealing with loan servicing and foreclosures.

****





http://www.utsandiego.com/news/2013/Aug/08/realestate-chase-layoffs-jobs-mortgage-underwater/

( announced 8/8 )

JPMorgan Chase said Thursday it plans to lay off 730 San Diego workers from its loan-servicing business as home refinances and foreclosures dry up.

The local layoffs, to be completed by 2014, are part of a national plan announced six months ago by JPMorgan Chase to cut 15,000 jobs from its division that manages and receives borrowers' mortgage payments. The layoff is the largest workforce reduction in San Diego County so far through 2013.

****

http://www.tampabay.com/news/business/banking/jpmorgan-chases-mortgage-operation-in-tampa-cuts-another-208-jobs/2135678

( Announced 8/12 )

JPMorgan Chase is closing several business units in Tampa set up to help distressed homeowners, a decision that signifies an improving economy even as it triggers more than 600 local job cuts this summer and fall.

The New York megabank disclosed in a state filing Friday that it will eliminate another 208 mortgage jobs here in October on top of 435 job cuts it revealed in June. Combined, that means JPMorgan Chase has announced more job cuts just in Tampa this year than any other company in Florida.

*****

The latest cuts will be split between two Chase locations near Tampa International Airport — 4919 Memorial Highway and 4915 Independence Parkway — and are effective Oct. 11, according to a Worker Adjustment and Retraining Notification with the state that was disclosed Friday afternoon.

In a letter accompanying the WARN notice, Chase vice president Magaly Denis-Roman said the company is exiting operations for three business units at the two sites: collections, consumer direct underwriting and its Chase Home­ownership Centers. The centers were created during the housing crisis to help guide troubled homeowners through loan modifications or discuss other alternatives to foreclosure.

A breakdown of job titles showed that the majority of affected workers were in loan underwriting and collections.

Denis-Roman said the bank is giving notice to terminated employees in this second round between Aug. 13 and Sept. 12.

In February, the bank said it planned to cut 12,000 jobs nationwide in its mortgage unit by the end of 2014 as demand waned for mortgage modifications and other homeowner aid. Florida still has one of the highest foreclosure rates in the country, but a rise in home prices and declining unemployment has helped stabilize housing overall.

http://www.sfvbj.com/news/2013/aug/08/chase-laying-300-chatsworth/

( announced 8/8 ) 

Chase Laying Off 300 in Chatsworth

By MARK MADLERThursday, August 8, 2013

JPMorgan Chase & Co. announced Thursday it is laying off 300 workers from its Chatsworth mortgage-processing office.

The layoffs are part of staff cuts totaling about 15,000 workers nationwide that the New York bank announced six months ago.

Employees will be phased out from the San Fernando Valley location over the next three months to one year, with several hundred remaining at the office. The bank will work with affected employees to find openings at Chase or other local companies, spokesperson Suzanne Ryan said.

Chase added employees to the mortgage services office during the recession to handle an increased number of foreclosures and refinancing of mortgages but that work has since faded, she said.

“Fewer homeowners are struggling with their mortgages and many people have already refinanced, taking advantage of the stronger economy and historically low rates,” Ryan said.

The bank also announced Thursday it was cutting 245 jobs from its Irvine mortgage business unit.

Chase has 20,000 employees in California where it serves more than 10 million customers.

http://www.wbtw.com/story/23082990/jp-morgan-chase-cutting-nearly-450-jobs-in-florence

( announced 8/8 )

FLORENCE COUNTY, S.C. (WBTW) -

FLORENCE, SC (WBTW) - JP Morgan Chase in Florence announced it is cutting nearly 450 mortgage servicing jobs.

Melissa Shuffield with JP Morgan Chase corporate office tells News13 the cuts will begin in early fall.

The job cuts will happen through mid 2014. The facility will close at that time.

Mortgage servicing jobs help people who have trouble paying their mortgages.

"Fewer homeowners are struggling with their mortgages, and many people have already refinanced – taking advantage of the stronger economy and historically low rates. We've already held three job fairs in Florence this year where many impacted employees received offers from local employers. We'll continue to do all we can to support affected employees," said Shuffield.

JP Morgan Chase laid off approximately 300 employees in January of this year.

In March, the company laid off approximately 500 employees.

Shuffield says the cuts are happening in states all across the nation.

Shuffield says Chase plans to hold job fairs to help those employees who will be laid off find new jobs.

Chase is offering resume workshops, career counseling and relocation options for employees.