A bank merger that was completed last summer was expected to enable the planned expansion of three business, including the residential lending business.

When KeyCorp acquired First Niagara Financial Group last year, it was expected that around 300 employees would initially be needed to handle all mortgage functions.

That was because Cleveland-based KeyCorp’s home-lending subsidiary, KeyBank Mortgage, outsourced its production and portfolio management to PHH Mortgage.

Source: Mortgage Daily