MONROE, LA-In an agreement likely to create more than 500 jobs during the next 10 years, Wingspan Portfolio Advisers has struck a deal with JPMorgan Chase to acquire the latter's customer service operations. As part of the deal, the Carrollton, TX-based Wingspan will keep 400 Chase employees at the home mortgage finance center, while creating 532 more jobs.
Wingspan, a mortgage services provider, also plans to make a $2 million capital investment at the Chase center, located, at 1500 N. 19th St. As part of the agreement, the buyer will also occupy 71,000 square feet at the building.
“With this new addition, Wingspan expands its ability to respond to clients' needs with superb customer service capabilities,” Wingspan Portfolio Advisors CEO Steven Horne says. “We are often called upon to scale quickly and effectively to help our clients as their priorities change, and this acquisition enables Wingspan to react with significant speed and very high quality.”
According to Louisiana Economic Development, the State of Louisiana's Business Expansion and Retention Group offered a custom incentive package that includes FastStart, the state's workforce training program, along with a performance-based grant of $600,000, payable in three annual installments through 2015, to reimburse facility lease costs.
Wingspan also will receive a performance-based grant of $500,000, payable in two annual installments in 2013 and 2014, to reimburse building renovation costs. The company also is expected to utilize Louisiana's Quality Jobs Program.
Wingspan deploys mortgage-servicing technology and strategies to better manage the financial services industry's problem loans. The company provides a broad range of business process outsourcing solutions that include default servicing, complaint resolution, compliance oversight and mortgage origination fulfillment.
The Monroe project is Wingspan's third this year. In February, Wingspan acquired a 400-employee mortgage-servicing facility in Melbourne, FL also from JPMorgan Chase. In May, Wingspan acquired San Diego-based Dimont & Associates, the nation's leading hazard insurance claims management company.
The acquisition brings Wingspan to more than 2,000 employees in locations across the country, with approximately 550,000 square feet of office space.
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