DaytonDailyNews.com

DAYTON — National City Corp. will cut some jobs as it merges its National Home Equity business into its home mortgage division headquartered in Miami Twp., the banking company said Thursday.

The change has no effect on loans or lines of credit that consumers may continue to apply for through National City's more than 1,300 retail bank branch offices.

"From the consumer perspective, there's really no difference," company spokesman Chris Kemper said.

There are about 450 employees in the company's National Home Equity business that will be merged into its mortgage unit during the next two months. Some of those sales executive and support jobs will be eliminated, but the company declined on Thursday to say how many or where the cuts will take place.

Kemper said he knew of no plans to move any additional jobs into the headquarters of National City Mortgage in Montgomery County, as the merger is carried out.

The National Home Equity unit originates home equity loans and lines of credit through a third-party broker network. On Aug. 6, it suspended approvals of new home equity loans and lines of credit as credit conditions tightened in secondary mortgage markets. Those are markets in which investors buy groups of existing mortgages.

National City said it will resume home equity originations as market conditions warrant.

The Associated Press contributed to this story.