IBM To Hire 600 Workers During Next Four Years

IBM Lender Business Process Services, will open a mortgage processing center in Charlotte facility will include a "mortgage academy"

May 1, 2008

MECKLENBURG COUNTY NC NEWS -- IBM Lender Business Process Services, will open a mortgage processing center in Charlotte. IBM Lender Business Process Services a subsidiary of International Business Machines Corporation (IBM), will include a "mortgage academy" to train people who will staff the processing centers. IBM will hire 600 workers during the next four years and invest $2.4 million on the expansion. Additionally, a state Job Development Investment Grant helped fund the project.

Formed in 2007, IBM Lender Business Process Services uses industry-leading automation and imaging technology to process loan applications for the mortgage industry. The company currently employs 68 people at its Charlotte headquarters, which will be expanded to accommodate the company's primary mortgage processing/fulfillment center. Salaries for the 600 new jobs will vary according to responsibilities and function, but the overall average pay for the new positions will be more than $59,000 a year not including benefits. That is more than the Mecklenburg County average of $48,724.

Governor Easley announcing the Grant approval said, "Companies such as IBM continue to locate and expand in North Carolina because they find a business-friendly atmosphere along with a dedicated, well-trained workforce. Our commitment in these areas has North Carolina consistently recognized by national business publications such as Forbes, Chief Executive and Site Selection as a premier location for companies to do business and succeed in the global economy."

Greg Sullins, executive director, IBM Lender Business Process Services said, "The strong business climate of North Carolina and a talent pool rich in the skills that we require make Charlotte a natural location as we grow our Lender Business Process Services business. As clients continue to turn to IBM to transform their mortgage origination operating model, we are excited about partnering with Governor Easley to expand our presence in North Carolina and meet that growing demand."

Partners who assisted with this project include: the N.C. Department of Commerce; N.C. Community College System; Charlotte Chamber of Commerce and Duke Energy.

The state's Economic Investment Committee voted to award a Job Development Investment Grant to IBM Lender Business Process Services. This is the 75th JDIG award announced since Easley and the General Assembly started the program in 2002, and the fifth awarded this year. Under terms of the 10-year agreement, the N.C. Department of Commerce estimates the project will:

• Generate a cumulative gross product value of $911.92 million.
• Produce a positive, cumulative net state revenue impact of $16.69 million.
• Contribute up to $385,000 to the state's Industrial Development Fund for infrastructure improvements in the most economically distressed areas of the state.

For each year in which the company meets the required performance targets, the state will provide a grant equal to 70 percent of the state personal income withholding taxes derived from the creation of new jobs. Should the company create the jobs called for under the agreement and sustain them for 10 years, the agreement could yield as much as $9.78 million in maximum benefits for IBM.

For more information about IBM Lender Business Process Services, including job opportunities, visit www.ibm.com. Additionally, it should be noted that IBM is well known for employing temporary labor.