Status
Update as of January, 2008:
Aurora Loan Services has ceased conducting business in the wholesale mortgage arena. Below is an explanation from their website:
Aurora Loan Services' parent company, Lehman Brothers, announced today that it will substantially reduce its resources and capacity in the U.S. residential mortgage origination space in light of the dislocation in the mortgage markets. As a result, Lehman Brothers is suspending all Wholesale and Correspondent mortgage originations at Aurora.
Aurora will continue to originate loans through its direct lending channel, and will maintain its servicing business.
We truly appreciate your business and support over the years. We hope you will consider how Aurora may be able to help you meet your needs in the future.
With sincerest thanks.
As of September 2007, in addition to an extrememly large amount of lay-off's, Aurora Loan Services will be changing its name to Lehman Mortgage Capital. The following explanatory article was published on September 6, 2007 from www.bizjournals.com:
New York-based Lehman Brothers also said it would close its Korean mortgage business and cut 850 jobs worldwide. It's not known how many, if any, of those job cuts will be in Colorado, a Lehman Brothers spokesman said.
Littleton-based Aurora Loan Services, a subsidiary of Lehman Brothers that provides residential mortgage origination and servicing, employs more than 2,000 people. Lehman Brothers spokesman Randy Whitestone has in the past declined to say how many of those workers are in Colorado.
Lehman's Japanese and European mortgage origination and servicing businesses, Libertus and ELQ Hypotheken, also will operate under the name Lehman Mortgage Capital.
Thursday's announcement completes Lehman Brother's restructuring plan for its residential mortgage origination business, the company (NYSE: LEH) said in a statement. Lehman Brothers expects the cost of the restructuring to be less than $20 million after tax.
On Aug. 22, Lehman Brothers said it would shut down its subprime mortgage lending subsidiary, BNC Mortgage LLC, as a result of deteriorating conditions in the subprime market. BNC didn't have an office in Colorado.
(2007). Aurora Loan Services to become Lehman Mortgage Capital. Retrieved January 14, 2008 from
http://www.bizjournals.com/denver/stories/2007/09/03/daily32.html
"Lehman Shutters Maryland Aurora Loan Services Office"
Types of Financing Provided
Residential
Wholesale Programs
About the Company
Aurora has recently become one of the top Alt-A residential mortgage originators in the country. They specialize in the origination of residential mortgage loans while maintaining a diverse range of non-conforming programs to clients' needs nationwide. Aurora Loan Services is a Lehman Brothers Company, bringing more than 150 years of experience and tradition to their business.
In addition to their complete wholesale lending division, they offer a conduit lending division and master servicing.
"Lehman Brothers Completes Restructuring Of Its Global Mortgage Origination Business"
