Mortgage servicer Wingspan Portfolio Advisors plans to lay off 459 employees in North Texas after the Carrollton-based company finalizes a project for a client next month.
The company announced in a letter to the Texas Workforce Commission that its plans to lay off hundreds of North Texas employees on Dec. 31.
Steven Horne, Wingspan CEO and president, released a statement, saying: "One of our projects for a client is coming to an end. Our client hired us to complete a project — and the Wingspan team has done an excellent job doing so — and we will have it completed by the end of the year. That is the nature of our business."
He added, "Wingspan has numerous new business activities currently underway or in development. We are aggressively re-deploying as many impacted employees into these new opportunities as possible. This is not expected to affect Wingspan's projected rate of growth or revenue."
The lay off is a contrast to the the company's growth mode over the course of the past two years. In 2011, the company formed a new insurance unit to identify insurance issues impacting servicing clients.
The company in April rolled out the American Home Remedy platform to help expedite the short sale process.