IBM's mortgage unit plans to expand its operations in North Carolina.
IBM Lender Business Process Services, launched last year to provide outsourcing for mortgage lenders, will add 600 North Carolina jobs during the next four years, the state's Gov. Mike Easley announced Tuesday.
With a $2.4 million investment and a job development investment grant from the state, the IBM subsidiary will reportedly open a mortgage processing center in Charlotte, where it is currently based. Other state agencies that enabled the move included the N.C. Department of Commerce, the N.C. Community College System, the Charlotte Chamber of Commerce and Duke Energy.
The unit currently employs 68 people in Charlotte, Easley said.
"The company plans to spend about $2.4 million on the expansion which, in addition to mortgage processing, will include a 'mortgage academy' to train people who will staff the processing centers," the announcement stated. "Should the company create the jobs called for under the agreement and sustain them for 10 years, the agreement could yield as much as $9.78 million in maximum benefits for IBM."
IBM Lender Business Process Services specializes in mortgage origination services, including loan applications and processing, vendor management services and loan closing services. The operation targets top-tier lenders and small shops.