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SEARS UNIT ACQUIRES LOAN OFFICES FROM TRAVELERS MORTGAGE

Sears Mortgage Corp. has purchased the Buffalo and Rochester loan production offices of Travelers Mortgage Services Inc.

Travelers, which only opened the offices in February, announced in May that it was leaving the mortgage business in order to concentrate on its insurance and financial services operations. At the time Raleigh, N.C.-based GE Mortgage Capital was to have purchased all of the assets of Travelers Mortgage.

The new Sears Mortgage office in Buffalo is located in the Centerpointe Office Park in Amherst and includes six loan officers under the direction of branch manager Cathy Pallin.

Headquartered in Riverwoods, Ill., Sears Mortgage, a subsidiary of Sears, Roebuck & Co., features a mortgage portfolio of $14 billion and operates 98 offices in 33 states.

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