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MCS Acquires Key
Divisions Of CoreLogic

In a move that will broaden its offerings to include appraisals, broker price opinions (BPOs) and other valuations-related products, Mortgage Contracting Services (MCS), a provider of property preservation, inspections and real estate owned property maintenance services, is acquiring the collateral solutions and field services units of CoreLogic.

“This acquisition will expand our presence across multiple service lines within default servicing and move us beyond the default segment through being able to offer our clients the opportunity to call on MCS for valuations, appraisals and BPOs, as well as field services,” says Caroline Reaves, CEO of MCS, in a statement. “This will allow us to service our clients with an expanded product range and ensure their compliance with federal, state and local regulations at every step.”

MCS reports that it is keeping the Collateral Solutions unit intact. The division will continue to be based in Sandy, Utah, and will retain its current employees and structure.

The Field Services unit, which is based in Westlake, Texas, will be combined with MCS’ operations in Plano, Texas.

Other details of the acquisition, including the purchase price, were not divulged.

 

Carrington To Expand
Mortgage Servicing

To facilitate its growth, Carrington Mortgage Services is expanding its operations in central Indiana, bringing up to 360 new jobs to the area by 2019.

Specifically, Carrington will invest $3.17 million to renovate and equip a 77,000 square-foot facility in Westfield, Ind. The revamped facility will be operational by the end of this year, the company says in a press release.

In expanding, the company is taking advantage of tax incentives of up to $3.65 million made available through the Indiana Economic Development Corp. These incentives are performance-based, meaning they won’t be offered unless the company meets certain hiring goals.

The City of Westfield is also considering additional property tax abatement, Carrington reports.

“As a reputable mortgage company, Carrington Mortgage knows the importance of making sound investments,” says Indiana Gov. Mike Pence. “Home to a balanced budget and triple-A credit rating, Indiana’s business environment is stable and strong. We are excited that Carrington Mortgage recognizes our talented workforce and commitment to keeping taxes low and has chosen Indiana as a fixture in its long-term business plan.”

Carrington Mortgage Services currently has more than 180 employees in Indiana. The company is currently hiring underwriters, customer service representatives, servicing specialists, and sales and marketing professionals for the new location.

John Alkire, executive vice president of Carrington Mortgage, says central Indiana is an ideal location for its servicing operations, as it offers a “cost-competitive business environment” as well as a strong workforce.

 

Wingspan Confirms
Call Center Layoffs

With delinquencies and foreclosures dropping precipitously, it would make sense that default servicers would need to scale back their operations.

Not only that, but the mortgage servicing business is cyclical in nature; when a major contract ends, it can sometimes be hard to line up new work.

Well, apparently that’s what happened at Wingspan Portfolio Advisors, which recently confirmed a round of layoffs at its call center facilities in Monroe, La., and Melbourne, Fla.

In a statement, company officials said, “Wingspan remains committed to its presence in [Monroe and Melbourne]. It is in the nature of our work with large financial institutions to wrap up specific contracts for services and to have brief periods of time before new contracts begin. Today, a number of employees were impacted at our [Monroe and Melbourne] location[s].”

Company officials did not disclose the exact number of layoffs.

Wingspan acquired the Monroe facility from JPMorgan Chase last year. At the time, it gave all 400 JPMorgan employees who worked there the opportunity to continue their employment with Wingspan. In addition, the company promised to bring 532 new jobs to the area over the next 10 years.

However, according to a report in local online news website The News-Star, the Monroe call center, as of October, had fewer than 100 employees. According to the report, neither the Louisiana Economic Development (LED) department nor the City of Monroe’s economic development officer was given prior notice of the layoffs.

To secure the Monroe project, the LED department’s Business Expansion and Retention Group offered a custom incentive package that included free state workforce training and a performance-based grant of $600,000, payable in three annual installments through 2015, to reimburse facility lease costs.

Wingspan was also to receive a performance-based grant of $500,000, payable in two annual installments in 2013 and 2014, to reimburse building renovation costs. The company was also expected to utilize Louisiana’s Quality Jobs Program.

Several workers from the Monroe facility told The News-Star that they were being “furloughed” and that they might be offered their jobs back in the weeks and months to come.

 

Seneca To Add
Call Center Jobs

Just when one mortgage servicer announces some layoffs, another announces it is hiring.

So it goes in the cyclical world of mortgage servicing, where the transfer of mortgage servicing rights (MSRs) is what drives volume and, in turn, hiring.

Seneca Mortgage Servicing, formerly AMS Servicing, is reportedly adding at least 125 jobs, over the next several years, at its facility in Elma, N.Y., according to a report in the Buffalo News.

James DePalma, president of Seneca Mortgage, told the newspaper that the firm has a five-year plan to acquire additional MSRs, driving the need for additional employees.

About 375 people already work at the newly renovated, 45,000 square- foot facility, formerly a Motorola Co. manufacturing plant, according to the report. While the space can accommodate up to 500 workers, Seneca has “right of first refusal” to lease another 25,000 square feet, giving it the ability to add 200 more employees, according to the report.

The firm reportedly has a five-year lease for the space, which was recently renovated for about $2.5 million. About $1.5 million of that cost was covered under a state grant - however, release of the funds is contingent on certain performance benchmarks, including the hiring of a certain number of employees.

Seneca also got $280,000 in sales tax breaks from Erie County Industrial Development Agency to help cover the costs associated with technology and infrastructure.

According to the report, Seneca services about 130,000 loans valued at about $25 billion, with 90% of them owned by Fannie Mae or Freddie Mac.s

FYI

MCS Acquires Key Divisions Of CoreLogic

 

 

 

 

 

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