Bear, Stearns & Co. has cut 310 mortgage jobs in a consolidation of its lending businesses that it expects ultimately to streamline third-party originators' contacts with the company and provide TPOs with a wider range of products.Under the reorganization, Bear Stearns Residential Mortgage and Encore Credit will be combined into a single unit under the name Bear Stearns Residential Mortgage Corp. After an unspecified transition period, the company -- in keeping with industry trends -- plans to offer third-party originators single points of contact for its full loan product line and to expand its product line to include government and government-sponsored loans.
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