IBJNews

Hundreds losing jobs at local Aurora Bank office

Back to TopCommentsE-mailPrintBookmark and Share

Aurora Bank FSB will terminate all 450 employees at its Indianapolis office as the troubled residential mortgage servicing provider prepares to sell a large portion of its assets.

Wilmington, Del.-based Aurora notified the Indiana Department of Workforce Development on Tuesday that the job cuts will occur on July 7. Positions affected include 141 customer-relations managers, 69 loan-resolution counselors, 61 foreclosure specialists, 55 call-center representatives and 23 bankruptcy specialists.

In March, Nationstar Mortgage LLC of Lewisville, Texas, announced it had signed an agreement to acquire about $63 billion in residential mortgage servicing assets from Aurora for $268 million in cash.

The transaction is expected to close by the end of June and will include a portfolio mostly consisting of non-conforming loans, according to Nationstar.

A spokesman for Nationstar didn’t return phone calls seeking comment on whether the company will take over Aurora’s space at 5920 Castleway West Drive on the northeast side of Indianapolis.

There’s a chance Nationstar could hire some of Aurora’s employees. Marshall Murphy, Nationstar’s executive vice president of investor relations, told the Omaha World-Herald that it intends to hire a “significant number” of Aurora’s employees at an office that is closing in Scottsbluff, Neb., if they reapply for jobs. The office has an estimated 400 to 500 employees.

Aurora, a subsidiary of bankrupt Lehman Brothers Bancorp Inc., operates Aurora Loan Services LLC in Littleton, Colo. It’s the 19th largest servicer of residential mortgages in the nation, according to trade publication Inside Mortgage Finance.

Besides Indiana, Aurora has locations in California, Colorado, Missouri, Nebraska, New Jersey and New York.

Nationstar services more than 645,000 residential mortgages with balances totaling nearly $107 billion.
 

ADVERTISEMENT

  • waiting game
    there are going to be jobs avaialable in indy. However, they are not guaranteeing everyone that is currently employed will be offered employement. The number of positions available has not been announced. So we are still waiting to see whether or not we will have jobs. The majority (being optimistic) hopefully will.
  • Check your facts IBJ
    The reporting on this is NOT accurate. The story makes the reader believe that 450 people will lose their jobs, when in fact they're not losing them. The jobs at Aurora are going away, but are being replace with Nationstar jobs. I have several friends who work at this office and they are not worried about their jobs.
  • real rate
    The real rate of unemployment is much higher than the figures the government uses. Those figures are indicative of newly unemployed, not the millions who have been out of work for months or years.
  • Oh boy
    And thiey are saying unemployment is down? What reports are they reading. How many people are down and out.

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Hiking blocks to an office after fighting traffic is not logical. Having office buildings around the loop, 465 and in cities in surrounding counties is logical. In other words, counties around Indianapolis need office buildings like Keystone, Meridian, Michigan Road/College Park and then no need to go downtown. Financial, legal, professional businesses don't need the downtown when Carmel, Fishers, North Indy are building their own central office buildings close to the professionals. The more Hamilton, Boone county attract professionals, the less downtown is relevant. Highrises have no meaning if they don't have adequate parking for professionals and clients. Great for show, but not exactly downtown Chicago, no lakefront, no river to speak of, and no view from highrises of lake Michigan and the magnificent mile. Indianapolis has no view.

  2. "The car count, THE SERIES, THE RACING, THE RATINGS, THE ATTENDANCE< AND THE MANAGEMENT, EVERY season is sub-par." ______________ You're welcome!

  3. that it actually looked a lot like Sato v Franchitti @Houston. And judging from Dario's marble mouthed presentation providing "color", I'd say that he still suffers from his Dallara inflicted head injury._______Considering that the Formula E cars weren't going that quickly at that exact moment, that was impressive air time. But I guess we shouldn't be surprised, as Dallara is the only car builder that needs an FAA certification for their cars. But flying Dallaras aren't new. Just ask Dan Wheldon.

  4. Does anyone know how and where I can get involved and included?

  5. While the data supporting the success of educating our preschoolers is significant, the method of reaching this age group should be multi-faceted. Getting business involved in support of early childhood education is needed. But the ways for businesses to be involved are not just giving money to programs and services. Corporations and businesses educating their own workforce in the importance of sending a child to kindergarten prepared to learn is an alternative way that needs to be addressed. Helping parents prepare their children for school and be involved is a proven method for success. However, many parents are not sure how to help their children. The public is often led to think that preschool education happens only in schools, daycare, or learning centers but parents and other family members along with pediatricians, librarians, museums, etc. are valuable resources in educating our youngsters. When parents are informed through work lunch hour workshops in educating a young child, website exposure to exceptional teaching ideas that illustrate how to encourage learning for fun, media input, and directed community focus on early childhood that is when a difference will be seen. As a society we all need to look outside the normal paths of educating and reaching preschoolers. It is when methods of involving the most important adult in a child's life - a parent, that real success in educating our future workers will occur. The website www.ifnotyouwho.org is free and illustrates activities that are research-based, easy to follow and fun! Businesses should be encouraging their workers to tackle this issue and this website makes it easy for parents to be involved. The focus of preschool education should be to inspire all the adults in a preschooler's life to be aware of what they can do to prepare a child for their future life. Fortunately we now know best practices to prepare a child for a successful start to school. Is the business community ready to be involved in educating preschoolers when it becomes more than a donation but a challenge to their own workers?

ADVERTISEMENT