Pacific Union Financial LLC, a Dallas area-based mortgage firm, plans to open a mortgage-fulfillment center in El Paso, Texas, with 699 good-paying jobs created over five years, according to city information.
The company is expected to locate in an East El Paso building in the Butterfield Trail Industrial Park, near the El Paso airport, where AT&T recently closed its last El Paso call center.
The El Paso City Council and El Paso County Commissioners Court were scheduled to vote Monday morning to offer tax incentives to Pacific Union to open the facility.
Pacific Union provides residential loans through 50 retail locations and three fulfillment centers in the United States, according to its website. It currently services a mortgage-loan portfolio of $23 billion, according to company information.
The company would be required to create 147 jobs in the first year of operation, and reach a total of 699 jobs by the fifth year of operation, under provisions of the proposed tax-incentives agreements with the city and county.
The center’s jobs would pay an average of $23.32 per hour, or about $48,500 per year, according to city information.
However, to get the tax incentives, the company is only required to pay at least 90 percent of its El Paso workforce at least the median county wage of $13.11 per hour.
Pacific Union officials were not immediately available to provide information about their El Paso plans.
The city would provide $332,836 in tax and fee rebates and cash grants over a 10 year period to the company if it meets job-creation requirements and invests at least $1.25 million in its El Paso facility. The county is to provide property tax rebates of $33,367 over 10 years.
Pacific Union’s three fulfillment centers are in Dallas; Costa Mesa, California; and Charlotte, North Carolina, according to the company website.
This is the city’s first big job announcement since Dee Margo became mayor in June.
The Pacific Union mortgage center would be El Paso’s third financial services company to open a large operations center in El Paso with some call center-like functions.
Charles Schwab has an operations center in West El Paso and Prudential Financial operates a technology and call center in East El Paso. Both have been open for several years.
