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| The sale of a mortgage servicing rights portfolio will impact 50 Illinois workers.
AMCORE Financial Inc. recently said it entered into a strategic arrangement with a national mortgage services leader to provide private-label loan processing and servicing support. “This relationship is expected to better position the company for future mortgage origination growth and provide more stability to mortgage earnings through economic and interest rate cycles,” AMCOR said in an announcement. The transaction will impact 50 workers in Rockford, Ill., although the number of affected positions will be less because workers have opportunity to apply for other jobs within the company and others will retire, AMCORE spokeswoman Katherine Taylor said. The sale of the portfolio of originated mortgage servicing is expected to be completed by the end of the third quarter, Taylor said. The company is not disclosing the name of the buyer. AMCOR added that the arrangement will provide it with “access to the resources of one of the largest players for support of its underwriting, processing, settlement and servicing efforts, as well as access to state-of-the-art technology support, while retaining AMCORE’s personal relationship-based delivery model.” |
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