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News : Wingspan in Melbourne Closing; 150 Will Lose Jobs
Melbourne, FL, USA, June 19, 2015 -- Two years after holding a ribbon-cutting at its office on Babcock Street in Melbourne, Wingspan Portfolio Advisors has told employees it will be closing the operation on June 30, according to a letter to workers obtained by FLORIDA TODAY.
The closing will leave about 150 people without jobs. When Wingspan acquired the mortgage servicing operation from JPMorgan Chase in February 2013 it had 400 employees.
The Dallas-based Wingspan Portfolio Advisors is a diversified mortgage servicing company founded in 2008 that partners with banks, investors, mortgage insurers, attorneys and real estate agents throughout the U.S. No one from the Dallas headquarters immediately returned a call for comment.
Prior to this week, there was no notice of the layoffs from the Worker Adjustment and Retraining Notification Act (WARN) which typically requires most businesses with 100 or more employees to provide 60-day advance of a facility closing or mass layoff.
But in a letter to workers, Wingspan said JP Morgan Chase ended its contract for the loan modification work, necessitating the closure of the local operation.
"Wingspan's leadership reasonably believed until June 10, 2015 that a better outcome was possible, which providing notice of the impending possibility of a closure would have doomed," Terry Mitchell, vice president of human resources at Wingspan wrote in a letter that was distributed to employees on Wednesday.
Workers who spoke with FLORIDA TODAY this week said they were called together for a meeting Wednesday afternoon and told the operation would be shutting down on June 30.
Posted by Veronica Silva Cusi, news correspondent
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About Wingspan Portfolio Advisors:
Wingspan Portfolio Holdings, Inc., and its wholly-owned subsidiaries, Wingspan Portfolio Advisors, LLC, and Dimont & Associates, Inc., are mortgage services companies, partnering with lenders, servicers, investors, mortgage insurers, attorneys and real estate agents throughout the U.S.
Published: Monday, June 22, 2015