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Area Development - Site Selection, Facility Planning and Workforce Development

Mortgage Service Provider, LoanCare, Expands Virginia Beach, Virginia, Facility For a Second Time In Two Years

12/20/2012
LoanCare, a wholly owned subsidiary of Fidelity National Financial, plans to expand its 51,385 square foot Virginia Beach, Virginia, regional office by 19,032 square feet and add 178 additional employees.

The company opened a servicing office the Rosemont Interstate Center II in 2007 with 130 employees. Over time, the Virginia Beach facility has become the largest regional service center for LoanCare, Virginia Beach economic development officials said. The expansion requires a capital investment of approximately $1.1 million and $320,000 in facility build-out costs, the city of Virginia Beach said. The company previously expanded its facility by 9,590 square feet in October 2010.

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. New positions will include customer service and administrative services for collections, loss mitigation and foreclosure support.

“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.”

As an incentive LoanCare was awarded an $80,000 Economic Development Investment Program grant through the Virginia Beach Economic Development Authority based on the capital investment and job creation. The grant will be used for workforce development and employee training.

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