
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, September 9, 1994                   TAG: 9409090043
SECTION: BUSINESS                    PAGE: B-4   EDITION: METRO 
SOURCE: By MAG POFF STAFF WRITER
DATELINE:                                 LENGTH: Short

FIRST UNION CUTS 15I JOBS

First Union Corp. on Thursday eliminated 15 of the 200 jobs in its mortgage-loan servicing unit, noting that the boom has ended in refinancing and in new mortgage business fed by low interest rates.

Maggie Norris, head of the unit housed in First Union Tower in downtown Roanoke, said most or all of the displaced workers are expected to transfer to the banking company's new commercial-loan documentation center. That center, due to open next week at First Union's operations center on Plantation Road, will employ 55 people.

Salaries for the jobs involved range from $15,000 to $25,000, Norris said.

Production volume of mortgages has fallen recently because of rising interest rates, making fewer servicing jobs needed, Norris said.

Meanwhile, she said, business is increasing in commercial loans, showing the advantage of having a diversity of work available in the Roanoke area. As one area of the banking business slows down, she said, another is picking up.

The new commercial-loan documentation center is one of two serving the multistate First Union system. The other is at Jacksonville, Fla. Glynis Hopkins is the manager of the Roanoke center.

by CNB