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BofA Moving 2,500 Origination Jobs to Modifications

Job transfers to take place over the next several weeks

Dec. 2, 2010

By staff

Bank of America Home Loans is moving some of its mortgage loan originators and other production staff to its loan modification department.

According to a Mortgage Daily source, staff was told about the move today. Loan originators will be moved to the servicing department and handle loan modifications.

A spokesman for the Bank of America Corp. subsidiary, Terry Francisco, said in a telephone interview that around 2,500 people in loan production are impacted by the move.

But it's not the first time the company has move originators and production staff into its loan modification department -- which now stands at nearly 30,000.

"We have transferred, from time to time, people who are involved on the origination side of the business ... over to our servicing staff to handle the loan modifications," Franscisco stated. "Some associates who work in our sales organization and some associates who work in our fulfillment organization will be transferred."

Training will begin soon, and the job transfers will occur over the next several weeks, Francisco said.

BofA's mortgage loan production staff currently stands at around 24,000, according to Francisco. In its third-quarter earnings report, Bank of America Corp. said company-wide staff was 285,822.

BofA originated $220 billion in residential loans from Jan. 1 to Sept. 30.

The company's servicing portfolio finished the third quarter at $1.669 trillion.

Bank of America profile

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