Urban Fulfillment Services (UFS), a subsidiary of Urban Lending Solutions, is reportedly closing three locations in Colorado, including two locations serving the company's underwriting department and one location serving its GreenTree mortgage department.
According to an article in the Denver Post, citing a WARN notice filed with the Colorado Department of Labor and Employment in July, the company will be laying off approximately 265 workers across the three locations.
Part of the reason for the cuts is the reduced need for default servicing, company executive vice president Glenn Stevens told the newspaper.
‘With the decrease in mortgage delinquencies and foreclosures, our related work has decreased,’ Stevens told the Denver Post in an email.
Although the three divisions are closing, according to the report, UFS is expanding on the origination side of the business and, thus, will be able to ‘place a significant number of employees who received WARN notices into other work streams,’ Stevens told the newspaper; however, he could not say how many employees would be placed into new jobs.
UFS offers a suite of mortgage fulfillment services, including processing, underwriting and closing services; home retention solutions; and loss mitigation offerings.