Chase Hiring to Deal With Repossession Properties Prevention
One of the largest mortgage providers in the United States, Chase Bank is planning to hire nearly 200 employees to deal with the increasing number of loan modification requests from troubled homeowners who want to prevent distressed properties.
The bank will hire 200 employees for its downtown Milwaukee office in Wisconsin. Early this year, the bank reduced its downtown Milwaukee workforce by 270 employees. But with the increasing number of foreclosure filings, the bank had difficulty dealing with a big volume of loan modification requests from distressed homeowners nationwide.
According to Christine Holevas of Chase, the bank has new employees working at its Milwaukee office. These employees are focused on negotiating new loan arrangements with delinquent homeowners.
The bank is currently servicing a portfolio of about $1.5 trillion. In September last year, the bank added billions in its mortgage business when it acquired Washington Mutual.
In greater Milwaukee, Chase Bank has nearly 1,400 employees and about 950 in Milwaukee. According to Holevas, the bank, which is a unit of JPMorgan Chase and Co., operates 41 branches in the area.
The bank’s new hires will include negotiators, supervisors, loan specialists and underwriters. Holevas said that some of the new hires have already started their training.
In December 2008, the bank cited decreasing activity in the home-equity lending market as reason for reducing the number of its workforce in its home equity servicing unit in downtown Milwaukee. Holevas said that some workers who were dismissed in early February of this year were rehired for the loan mortgage servicing operation.
Holevas explained that bank officials prefer hiring employees in Milwaukee because they liked their work ethic. However, she said that she could not say how long the new jobs would last, adding that the bank’s employment needs are dependent on changes in the business and customers’ needs.
Chase is not the only bank in the country that boost the number of its staff to handle the increasing number of troubled loans. Banks such as M&I Marshall and Ilsley have implemented moratoriums on foreclosures as they try to modify loans to make payments affordable and help homeowners avoid repossession properties. M&I’s moratorium on repossession properties is set to expire on June 30 this year.
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