Layoffs at ABN AMRO

In November, the subsidiary of LaSalle Bank Corp. will start transferring functions from its servicing operation in Norridge, Ill., to one in Troy, Mich., ABN AMRO spokesman Jeff Noe told MortgageDaily.com today.

The move will leave 200 servicing employees unemployed by July 31, 2007, when consolidation is expected to be complete, Noe said. He noted that the headcount reduction is down from the original estimate, as 25 individuals have either found jobs within the bank or elsewhere.

ABN AMRO decided to consolidate operations “to better utilize existing infrastructure resources,” the spokesman said.

The Norridge closing will leave ABN AMRO with two servicing platforms, the Troy site and another in Jacksonville, Fla., according to Fitch Ratings, which recently upgraded the company’s residential master servicing rating for reasons including its ability to effectively oversee and monitor the loan accounting and default management of its primary servicers, and its ongoing development of its master servicing platform.

As of April 30, 2006, ABN AMRO serviced $212 billion in loans, Fitch said.

The Ann Arbor, Mich.-based mortgage lender, which reported $53.4 billion in originations last year, currently has about 3,000 employees nationwide, Noe said.