LoanCare, a wholly owned subsidiary of Fidelity National Financial (NYSE:FNF), has announced plans to expand its regional office by 19,032 square feet and add 178 new jobs to its Virginia Beach workforce. The company opened a servicing office in Virginia Beach in 2007 with 130 employees. Over time, the Virginia Beach facility has become the largest regional service center for LoanCare. Its other offices are located in Oregon and Arizona.
LoanCare is currently located in the Rosemont Interstate Center II building at 3637 Sentara Way. The company previously expanded by 9,590 square feet in October 2010, and currently occupies 51,385 square feet of office space. The company will expand an additional 19,032 square feet within the Rosemont Interstate Center III Business Park. The expansion requires a capital investment of approximately $1.1 million and $320,000 in facility build-out costs.
LoanCare will have 510 full-time employees by the first quarter 2013 and will add 178 new jobs over the next three years as part of this expansion and growth. Anticipated average annual salaries of the new jobs are $37,500 excluding benefits. The new positions will include customer service and administrative services for collections, loss mitigation and foreclosure support. The full-time employee payroll will increase by $800,000 from approximately $1.5 million.
“LoanCare has demonstrated remarkable growth and success in Virginia Beach,” says Warren Harris, director of Virginia Beach Economic Development. “The retention of more than 500 jobs is vital for the city, and we are particularly pleased to see 178 new jobs on the horizon. The company considered locations outside of the region for this expansion, so this announcement reflects confidence in Virginia Beach as part of its future growth.”
“LoanCare’s mission is to be the mortgage industry’s partner of choice, providing clients and consumers with innovative solutions and technology with a commitment to deliver superior service,” said Gene Ross, president of LoanCare. “The economic and talent resources available in Virginia Beach have played an important role in the company’s continued growth and success. LoanCare is passionate about Hampton Roads and remains committed to giving back to our community.”
LoanCare has been awarded an Economic Development Investment Program (EDIP) grant through the Virginia Beach Economic Development Authority in the amount of $80,000 based on the capital investment and job creation. The grant will be used for workforce development and employee training.
LoanCare is a leading national provider of full-service, subservicing and interim subservicing to the mortgage industry. It offers end-to-end mortgage loan services, including all servicing functions from new loan set up through payoff, foreclosure or REO (real estate owned by a lender). Currently, the company provides subservicing for approximately 265,000 loans for 65 clients in 50 states, totaling $46 billion in loan balances.
The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international business and industry that results in the creation of new capital investment and jobs that increase the per capita income in the community. The City of Virginia Beach is the most populous city in the Commonwealth of Virginia with a population of 434,000 and is the 39th largest city in the United States. The City of Virginia Beach is recognized as the best run cities in America, by 24/7 Wall Street in 2012, and in 2011, Virginia Beach ranked number one for economic growth potential by Business Facilities. In 2012, the Department of Economic Development received re-accreditation through the International Economic Development Council, one of only 29 economic development organizations in the world to have this recognition. In 2011, the Department won an Award of Excellence for its marketing efforts from the International Economic Development Council. For more information, visit www.yesvirginiabeach.com.