Nearly 700 layoffs announced in North Texas home mortgage industry

Published 08/19 2013 03:15PM

Updated 08/19 2013 03:18PM

Mortgage Industry takes a hit
Mortgage Industry takes a hit

by WFAA, Dallas

Three home mortgage businesses have announced nearly 700 layoffs throughout North Texas in the coming months. 

More than 500 of the layoffs were from Mortgage Bank's offices in Coppell and Fort Worth, according to WARN (Worker Adjustment and Retraining Notification Act) letters submitted to the state.

Mortgage Bank, owned by JPMorgan Chase, announced it will close its consumer direct sales and production operations unit at its Fort Worth location, in the 14800 block of Frye Street. On Aug. 13, the business began formally notifying 451 employees that they will be laid off, and the first termination date will be Oct. 11.

In another WARN letter, Mortgage Bank announced it will close its executive office unit in Coppell in the 1100 block of North Point Drive. On Aug. 13, the business began formally notifying 52 employees from that location that they will be laid off, and the first termination date for that office is also set for Oct. 11.

JPMorgan Chase said in the letters they will help affected employees at Mortgage Bank find other jobs they may qualify for within the company. Severance will be provided to eligible employees.

Bank of America's Mortgage and Affiliate Services Assignment-Serving Transfer Program unit in the 16000 block of North Dallas Parkway in Addison announced that 113 employees will be let go between Sept. 30 and Oct. 16.

Bank of America said in the WARN letter that those laid off will be offered career transitional resources, severance and benefits.

Finally, Retreat Capital Management, Inc., which also provides mortgage services, announced 73 layoffs at its facility in the 6300 block of Commerce Drive in Irving. The layoffs will all occur on Oct. 10.

"This layoff is the result of economic necessity due to the need to adjust the size of our workforce to a level consistent with our current client partnerships and projected opportunities," said Retreat Executive Vice President Joe Healan in the WARN letter.

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