JPMorgan Chase (JPM) is selling off a chunk of its mortgage servicing operation to a Dallas company that specializes in servicing distressed debt.

Wingspan Portfolio Advisors announced Tuesday that it is acquiring JPMorgan Chase's servicing operation in Melbourne, Fla. As part of the agreement, Wingspan will offer positions to 400 JPMorgan Chase employees and acquire the lease of the Melbourne office building.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.