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FIRST UNION MORTGAGE CORPORATION ADDS 150 MORE JOBS IN WILMINGTON

 WILMINGTON, N.C., Oct. 6 /PRNewswire/ -- First Union Mortgage Corporation is expanding its operations in Wilmington, creating 200 new jobs. At the same time, the company is relocating 50 jobs currently performed at Wilmington's Landfall Atrium to Columbia, S.C.
 The result -- after the relocation -- will be a net increase of 150 jobs, adding more than $4 million to New Hanover County's payroll. This will bring to 350 the number of people working in Wilmington for First Union Mortgage Corporation, one of the nation's 10 largest mortgage servicers, which originates mortgages nationwide.
 The new positions for residential mortgage processors, underwriters and operations support personnel will be added over the next six to nine months at FUMC's National Residential Processing and Support Center in Wilmington at a location not yet determined. Hiring will begin immediately. Positions are expected to be filled by First Union employees already in Wilmington and from the laborforce in this region.
 "We are guaranteeing jobs for all full-time First Union employees currently at the Landfall Atrium, whether they choose to relocate or to get additional training for the new jobs in Wilmington," said James A. Abbott, president of First Union Mortgage Corporation. "We're excited about this new phase of expansion for our company, as we add new customers and see growing demand from our 480,000 existing customers nationwide."
 Abbott said much of the company's growth is the result of First Union's recent bank acquisitions, which greatly expanded its customer base. First Union Mortgage not only services the loans it generates nationwide, but also the loans that are made through First Union's 1,300 banking offices from Miami to Baltimore.
 Because of this dramatic growth, FUMC is establishing a national mortgage lending center in Columbia, which will employ 130 people by July 1994.
 The 50 jobs that are being moved there from Wilmington include customer service representatives who work with existing customers to refinance mortgages or encourage them to do repeat business with the company through its 1-800 service when they move. The new jobs in Wilmington offer comparable salaries to those being moved to Columbia.
 Randall C. Tomsic, Wilmington city executive for First Union National Bank of North Carolina, said the expansion would have a major economic impact. "This is a significant boost to our local economy, as we continue to absorb new workers entering our labor force at an unusually high rate," Tomsic said. "It also sends a strong signal to this market about First Union's confidence in the Wilmington/New Hanover community and its business environment."
 The manager of FUMC's expanded operation in Wilmington will be Bob Weber, who now manages the existing regional processing center. The center will continue to handle mortgage processing, underwriting, closing, and post-closing legal review for customers nationwide. It is one of five such processing centers for FUMC. The others are in Charlotte; Virginia Beach, Va.; Memphis, Tenn.; and Seattle, Wash.
 Abbott noted that one reason the new center is being established in Columbia is to take advantage of existing office space that First Union obtained through its acquisition of South Carolina Federal in January. Within six to nine months, FUMC's new mortgage center there is expected to employ 130 people. New business generated by the sales efforts of that office will fuel the expansion of operations in Wilmington.
 First Union Mortgage Corporation, based in Charlotte, maintains a mortgage servicing portfolio of $38 billion. It's one of the few mortgage companies licensed to originate and acquire loans in all 50 states. First Union National Bank of North Carolina operates 250 banking offices statewide, including four offices in Wilmington. Both companies are subsidiaries of Charlotte-based First Union Corporation (NYSE: FTU FTUpr) the nation's ninth largest banking company with assets of $72 billion.
 -0- 10/6/93
 /CONTACT: (Media) Jeep Bryant of First Union, 704-374-2957/
 (FTU)


CO: First Union Mortgage Corporation; First Union National Bank of
 North Carolina; First Union Corporation ST: North Carolina IN: FIN SU:


MM -- CH003 -- 9375 10/06/93 13:34 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
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