BNC Mortgage Inc., part of Lehman Brothers Holdings Inc., has laid off about 100 Orange County workers in another sign of contraction for the local subprime mortgage sector.
The company laid off about a quarter of its 400 local workers, based on information BNC filed with state regulators.
Job cuts played out in recent weeks, according to Lehman spokeswoman Kerrie Cohen.
BNC and another Lehman mortgage unit, Aurora Loan Services LLC of Littleton, Colo., both saw layoffs, Cohen said.
“There were reductions resulting from a market cycle reflecting lower mortgage originations,” she said. “There was a realignment with both companies.”
Aurora plans to close an Irvine office by April, cutting about 100 jobs.
BNC joins other subprime lenders that have announced layoffs or made cuts in recent months due to rising interest rates, slimmer profits and stepped up competition.
For more on this story, see the Feb. 20 edition of the Business Journal.
