Wachovia Corp.'s consolidation of its wholesale operations will result in layoffs in Connecticut.
The regional wholesale fulfillment center in Waterbury will close doors early next year and eliminate 74 positions, Wachovia spokeswoman Kailynn Emmel informed MortgageDaily.com in an e-mail statement.
The move is part of a previously announced decision to integrate American Mortgage Network and Wachovia Mortgage Corp.'s third-party lending businesses, she added.
The combined businesses, which had total production of $19 billion in 2005, formed a new unit under the name of Wachovia Securities Wholesale Mortgage, according to the September announcement.
About a year ago, Wachovia acquired the wholesale lender, which Emmel said has 28 offices.
AmNet's business will be handled in Shelton, Conn., and Wachovia's wholesale business will be redirected to Scottsdale, Ariz., the spokeswoman said.