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Lehman Cuts Jobs At Aurora and BNC.
New York -- Lehman Brothers has trimmed roughly 300 workers from two of its nonprime mortgage affiliates - Aurora Loan Services of Colorado, and BNC Mortgage, Irvine, Calif., industry officials confirmed to Mortgage Servicing News.
The cuts came in late January just as went to press.
ALS, the nation's top alt-A lender, funds 99% of its production through wholesale and correspondent channels.
BNC Mortgage, which is based in Irvine, ranks seventh among subprime wholesalers and 14th overall.
A majority of the layoffs came at ALS, sources said, but BNC - which merged with Lehman wholesaler Finance America this past fall - also was affected.
There also has been talk of closing an ALS/Lehman mortgage office in Irvine. "They're going to wind down that office in 90 days," said one lending executive who also said he is receiving resumes ...
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