Lehman Brothers said Thursday that it is "suspending" the wholesale and correspondent origination arms of Aurora Loan Services, its nonprime mortgage banking subsidiary, shedding 1,300 workers in the process. Among residential funders, the Denver-based Aurora ranks 19th nationwide, according to the Quarterly Data Report, a National Mortgage News publication. Lehman said Aurora will continue to fund mortgages through its direct lending channel and retain its servicing business, which focuses mostly on alternative-A loans. It will close regional operation centers in Lake Forest, Calif.; Sunrise, Fla.; and Florham Park, N.J.
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