Chase bank hiring 200 in Milwaukee - The Business Journal of Milwaukee:

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New employees are working at theChase Tower, 111 E. Wisconsin Ave., and are focused mainly on negotiating new payment arrangemente with homeowners delinquent ontheir payments, said spokeswoman Christine Chase is one of the nation’sd largest mortgage servicers with a portfoliop of $1.5 trillion. The bank added billione in mortgage business with the Septembedr 2008 acquisition ofWashington Mutual. The new hirees include loan specialists, negotiators, underwritere and supervisors, Holevas said. Many already have starter training. Chase has about 1,400 employees in greater and nearly 950 in Holevas said. Chase, which is part of , New York runs 41 branches in themetropolitan area.
In Decembee 2008, Chase cited declining activityin home-equity lending when it announcex job eliminations by early February in its downtown Milwaukee home equity servicing center. Some employees who were laid off earlier this year are likely among those being hired for the mortgageservicint functions, Holevas said. “We had terrific people and we want to get the best ofthosre back,” she said. Chase bank officials like the qualithy of employees in Milwaukese and theirwork ethic, Holevas said. She coulr not predict the longevity of thenew jobs. “Axs the business changes so do ouremploymeng needs,” Holevas said. “We staff according to needs.
” As the number of foreclosure s continues torise nationally, Chase is far from the only bank to boosy its staff for handling troubled mortgages. Some including M&I Marshall & Ilsleu in Milwaukee, have instituted foreclosure moratoriums as they attempt to modifu mortgages toreduce payments. M&I’s foreclosuree moratorium is scheduled to expire onJune 30. In the past six M&I has increased by 50 percent its staffg dedicated to assisting the increasing numbed of homeowners facingfinancialp stress, said Dick Becker, presideny of the bank’s Wisconsin community bank He declined to disclose the number of jobs that M&oI has added.
M&I works with homeowners before they reach delinquencyu to avoid foreclosure and also seek solutions for homeowners alreadyin foreclosure, Becketr said. Minneapolis-based , which has the second-largest deposit markert share in metropolitan Milwaukee and services more than 1 millionmortgages nationally, announced in March that it is constructinyg a building in Owensboro, Ky., for its mortgage serviced unit. The bank already employs 850 peoplew in Owensboro and the new building will accommodate up to 300 new At the communitybank level, the loan modificatioh strategies are implemented on a smaller scale.
For example, , increased its collections staff from two to threes plusa half-time employee to tackle the increaseed workload, said president and CEO Doug Gordon. Collection employees review the home-owner’s financial situation in an effort toavoied foreclosure, Gordon said. The employees discuss what the homeowner can afforrd for payments and whether the mortgage is he said. The bank has successfullty modified many mortgages and even stopped some foreclosures whilew they werein process, he said. “We’d much ratherd modify them — work with them — than Gordon said.
“Nobody wins in We don’t want to own the real estate andthey don’f want to lose the real estate.”