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KeyCorp Unit Eliminating Employees

KeyBank Real Estate Capital laying off 113

July 28, 2008

By MortgageDaily.com staff

A KeyCorp mortgage unit in Texas is eliminating more than 100 employees. But job additions at another location will offset some of the layoffs.

The Cleveland-based company filed a Workers Adjustment and Retraining Notification with the state of Texas last week. The WARN notice indicated the job cuts are planned for Dallas on Sept. 21.

The layoffs impact 113 employees at KeyBank Real Estate Capital, Margy Sweeney, a spokeswoman for the subsidiary, said in a statement to MortgageDaily.com. However, planned hirings in Kansas City, Mo. -- where the unit is based and where some of the operations are being shifted -- will offset some of the Dallas layoffs.

The unit employs a total of more than 1,000 people across the county, according to Standard and Poor's Ratings Services.

The layoffs affect employees in KeyBank Real Estate Capital's commercial mortgage-backed securities servicing operation, Sweeney noted.

"The decision to close the downtown Dallas office was based on several factors including the credit market disruption and its subsequent impact on Key's CMBS origination and securitization business," the spokeswoman said. "For Key, this means lower new CMBS servicing volumes and projected portfolio runoff."

A report earlier this year from the Mortgage Bankers Association indicated KeyBank Real Estate Capital serviced 13,362 loans for $148.6 billion as of Dec. 31.

Sweeney said other types of mortgage origination and servicing are not impacted by the layoffs and the unit will continue to maintain other Dallas operations, including agency, construction and permanent lending.

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