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Aurora Continues Dismantling

Indiana layoffs disclosed

April 25, 2012

By MortgageDaily.com staff


Following word that Aurora Bank FSB is closing its origination unit, laying off more than a hundred Missouri employees and unloading a servicing portfolio -- the company now plans hundreds of layoffs in Indiana and Nebraska.

Aurora's disclosed last month that it had decided to close its residential lending unit. A Workers Adjustment Retraining and Notification Act notice filed with the state of Missouri said that 146 employees in Chesterfield, Mo., would be laid off on April 30.

A week later, an announcement indicated that Aurora reached an agreement to sell approximately $63 billion in mortgage servicing rights to Nationstar Mortgage LLC.

Now, the Littleton, Colo.-based company has notified the Indiana Department of Workforce Development that it plans to layoff 450 employees in Indianapolis.

The terminations are scheduled to occur on July 7.

Impacted positions -- including 141 relationship managers, 64 loan resolution counselors and 50 foreclosure specialists -- appear to be concentrated in mortgage servicing.

On Tuesday, Aurora also notified the city of Scottsbluff, Neb., that it plans to layoff servicing employees in that town, though they would be given the opportunity to apply for employment with Nationstar, the Omaha World-Herald reported. While the number of impacted employees was unavailable, the number is estimated at between 400 and 500.

Aurora is a subsidiary of Lehman Brothers Bancorp Inc., which itself is a subsidiary of bankrupt Lehman Brothers Holdings Inc. The collapse of the former investment banking giant sparked the worst financial crisis since the Great Depression.

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