70 Connecticut jobs to be cut
By COCO SALAZAR
3/23/2005

ABN AMRO's wholesale unit plans to close down a construction lending unit -- a move that will cost the unit's employees their jobs.

About 70 Connecticut employees will lose their jobs when the wholesale construction lending arm of ABN AMRO Mortgage Group shuts down.

The employees consist of underwriters and loan administrators for The Construction Lending Center of ABN AMRO's subsidiary, InterFirst Wholesale Mortgage Lending, company spokeswoman Jenn Cornell told MortgageDaily.com.

The layoffs are expected to occur starting around May 31 through June 30 when the Waterbury operation is scheduled to close its doors, according to a notice filed by ABN AMRO with the Connecticut Department of Labor.

The move is based on ABN AMRO's decision to exit the wholesale construction lending business to focus on its "core business channels" and the "more popular products" that generate heavier volume including fixed-rate, adjustable-rate and second mortgages, Cornell said.

While the Waterbury wholesale operation will soon extinguish, construction loan programs will still be available through ABN AMRO's retail channels, the spokeswoman added.

The Michigan-based lender entered the wholesale construction finance business roughly five years ago, Cornell said.

Article © MortgageDaily.com All Rights Reserved