A mortgage service provider that is based in the Golden State has eliminated more than a hundred jobs from a facility in the northern part of the Lone Star State.
Genpact Mortgage Services Inc. enables home lenders to outsource many of their functions such as application processing, document verification and underwriting.
In addition, the Irvine, California-based company handles post-closing tasks like customer contact, investor delivery and MERS registration as well as servicing support.
Genpact Mortgage operates a facility in Richardson, Texas, which is a suburb of Dallas.
On May 1, the company advised employees at the location that they had been laid off, according to a filing made with the Texas Workforce Commission on May 4.
Such filings are required by the
Worker Adjustment and Retraining Notification Act 60 days ahead of the planned layoff of 50 or more workers. In some cases, layoffs are made before the required 60 days, and the employer provides severance pay.
The North Texas layoffs at Genpact impacted 124 people.
In a written statement, Genpact Vice President, Communications, Gail Ferrari Marold, explained that an industry-wide decline in loan processing has reduced demand for processors and underwriters.
“As a result, Genpact has to unfortunately eliminate positions that serve mortgage clients being impacted by this reduced mortgage volume,” Marold said.
She noted that the Richardson employees supported a single client. They were given severance packages and encouraged to apply for other open positions at the company.
“The reduction in roles represents a very small percentage of our U.S. workforce, which continues to grow,” Marold stated.
