LehmanBrothers, who earlier closed its sub-prime lending arm, BNC Mortgage, announced further changes and consolidation of its mortgage unit. The Wall Street firm, owners of AuroraLoan Services, announced the closing of one of its Regional Operating Centers and renamed its mortgage operations Lehman Mortgage Capital. If you received the Mortgage Lender Implode-O-Meter premium service you’d already know this by now.
In an email to affected brokers the company wrote:
Today Lehman Brothers announced the completion of the restructuring plan for its residential mortgage origination business. The plan sizes the business appropriately for the current market environment. The Firm also announced that it will rename its existing mortgage origination and servicing businesses in the U.S., Japan and Europe, including Aurora Loan Services, Lehman Mortgage Capital.
Changes at Aurora Loan Services
Challenging financial markets and the uncertain mortgage landscape have caused us to make proactive changes to our business model. As a result, we have made the decision to restructure the locations of our Regional Operating Centers (ROCs). Specifically, we have decided to close our Gaithersburg, MD ROC. Our Denver, CO, Florham Park, NJ and Sunrise, FL ROCs will continue operating business as usual.If you are currently assigned a Gaithersburg Operations team, within the next few weeks, you will receive information on your new Operations team at one of our existing ROCs. In the interim, continue to send your loan files to our National Capture Center in Scottsbluff, NE and work with your existing Operations team using the current telephone numbers, fax numbers, and team mailboxes.
No word on the specific number of people affected by this move to “size thebusiness appropriatelyfor the market” but we’ll do our best to stay on top of it from the sticks of Maine.
If you have any additional information please post in the comments.
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[Source: Blown Mortgage]
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