M&T Bank Corp. is hiring 240 employees to support the bank's increased workload of servicing residential mortgages.
The new jobs will add to the bank's substantial local workforce at a time when M&T is working on separate plans that involve moving its technology employees.
M&T recently paid about $146 million for the servicing rights for a portfolio of residential real estate loans with outstanding balances of about $13.3 billion, according to a regulatory filing by the bank.
M&T completed the deal on Jan. 31 and expects to transfer the loans to its own loan servicing system in the second quarter. The bank did not disclose further details about the portfolio.
M&T has started to fill the 240 positions, which include jobs like customer outreach, claims, servicing, document control and property preservation, said Julia Berchou, an M&T spokeswoman. The employees will work at M&T's locations in Getzville, Amherst and M&T Center in Buffalo.
"Our mortgage business continues to grow and we're now in the process of onboarding customer accounts that we've acquired from other lenders," Berchou said.
People interested in applying for the new jobs can go to M&T's website.
Mortgage servicing has become a growing segment of M&T's business. About 1,200 people work in M&T's mortgage servicing operations, not counting the 240 jobs being added.
In 2013, M&T took over the lease of a Getzville mortgage servicing facility that Bank of America was closing. M&T hired many of the center's employees to service mortgages that a third-party investor had bought from Bank of America.
Buffalo-based M&T has more than 7,000 employees in Western New York. The bank is deciding where in Buffalo to consolidate technology and support operations employees who now work out of six different locations in Buffalo, Amherst and Cheektowaga. The move would involve about 1,000 jobs, most of which already exist in other places.
M&T is looking to bring those employees together in a central spot. Its chief information officer, Michael Wisler, has talked about making M&T, as well as Buffalo, an appealing destination for technology professionals.
The bank issued a request for proposals in December, for about 150,000 square feet of office space that would be available by June 2019, with the ability to expand by another 100,000 square feet in the same building or campus over the next two to three years.
M&T has not yet announced its choice for a location. But the owner of the One Seneca Tower complex has expressed interest in adding office space that would accommodate the bank's needs.