Household HSBC Watch

HSBC Mortgage Services plans to close its collections call center in Orlando and eliminate nearly 110 jobs locally, the company said this week (April 6, 2007). The Charlotte-based mortgage business of HSBC North America said it would move the work and an undetermined number of jobs to a similar operation in Tampa. HSBC is the nation’s 10th largest player in the subprime mortgage industry, which provides higher-interest home loans to riskier, credit blemished borrowers.

Some analysts see HSBC closing their Tampa facility as well, consolidating operations as HSBC looks for a buyer for their sub-prime mortgage business. Tampa is in Hillsborough County, on the west coast of Florida. HSBC is in Tampa’s NetPark complex. HSBC also has HSBC Mortgage Services Policy and Compliance Support located at 636 Grand Regency Blvd, Brandon Florida 33510. Brandon is in Hillsborough County, in the Tampa-Saint Petersburg metro area.

HSBC is a pay for performance company with policies and programs designed to ensure all employees receive fair and equitable compensation based on performance, according to HSBC. Pay for performance is not always best for consumers. One example is an employee in a call center who’s job is to call people who are late with a payment or ‘exhibit the qualities of one who might pay late’. While a company with hourly employees might call a borrower once or twice a day, employees of a pay for performance company might call borrowers eight, ten, or possibly twelve times a day. Making life suck for someone who ‘fits the description of somebody who might be late with a payment’, that means 70 phone calls a week, or more.