Nearly 1,000 mortgage banking employees have been or will be laid off from two JPMorgan Chase locations in New York, according to disclosures recently filed with the state's Department of Labor.

While Chase says the layoffs are the result of fewer borrowers entering delinquency and default, the notifications come at the same time that the monitor charged with overseeing banks' compliance with the servicing standards laid out in the national mortgage settlement reports that Chase failed to meet guidelines related to timely borrower communication and termination of forced-placed insurance policies.

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