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. why oh why does this state continue to elect these people....do you wonder how much was graft out of the 3.8 billion?

  2. i too think this is a great idea. I think the vision and need is there as well. But also agree with Wendy that there may be better location in our city to fulfill this vision and help grow the sports of hockey and figure skating in Indy. Also to help further develop other parts of the city that seem often forgotten. Any of the other 6 townships out side of the three northernmost could benefit greatly from a facility and a vision like this. For a vision that sounds philanthropic, the location is appears more about the money. Would really like to see it elsewhere, but still wish the development the best of luck, as we can always use more ice in the city. As for the Ice growth when they return, if schedules can be coordinated with the Fuel, what could be better than to have high level hockey available to go see every weekend of the season? Good luck with the development and the return of the Ice.

  3. How many parking spaces do they have at Ironworks? Will residents have reserved spaces or will they have to troll for a space among the people that are there at Ruth Chris & Sangiovese?

  4. You do not get speeding ticket first time you speed and this is not first time Mr.Page has speed. One act should not define a man and this one act won't. He got off with a slap on the wrist. I agree with judge no person was injured by his actions. The state was robbed of money by paying too much rent for a building and that money could have been used for social services. The Page family maybe "generous" with their money but for most part all of it is dirty money that he obtained for sources that are not on the upright. Page is the kind of lawyer that gives lawyers a bad name. He paid off this judge like he has many other tine and walked away. Does he still have his license. I believe so. Hire him to get you confiscated drug money back. He will. It will cost you.

  5. I remain amazed at the level of expertise of the average Internet Television Executive. Obviously they have all the answers and know the business inside and out.

ADVERTISEMENT