Chase Home Finance is planning to hire most of the employees who were laid off by rival Washington Mutual in Massachusetts last week.
Chase said it will hire roughly 40 of the laid off employees by January 1, significantly beefing up its mortgage workforce in the Bay State.
“It’s nice to have a good-news story in the midst of all this bad news about mortgages,” said Charlie Nilsen, New England Region manager for JPMorgan’s Chase Home Finance unit, in a statement.
Last week, Washington Mutual said it was closing all seven of its retail lending offices in Massachusetts as part of its plan to shrink its home lending business amid ongoing troubles in the mortgage industry.
“WaMu’s decision to close its Massachusetts offices creates an opportunity for us to almost double our presence here,” Nilsen added.
The new hires will allow Chase to add two new offices in Massachusetts and expand its area workforce to over 100 employees.
This isn’t the first time a mortgage lender has seized such an opportunity.
In late August, IndyMac said it took over leases on more than 90 American Home Mortgage offices and planned to hire as many as 850 former employees.