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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.
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| BoA Closing Relo Business
Unit to wind down within 3 months
Aug. 1, 2012
By MortgageDaily.com staff
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Bank of America Corp.'s mortgage unit is closing down its relocation business. Impacted employees are mostly expected to be absorbed into other parts of the company.
Relocation activity has slowed for Bank of America Home Loans. So the Calabasas, Calif.-based company is closing its relocation business within the next 90 days.
An orderly withdrawal from the business, which was inherited from the Countrywide Financial Corp. acquisition, is planned over the next three months.
"Anything, obviously, that is in the pipeline now, we will continue with," said Bank of America Senior Vice President Corporate Communications Terry H. Francisco in a telephone interview, "But we're also telling them that they'll that they'll have a limited amount of time for any new ... relocation requests that we'll take on."
Francisco said that relocation originations account for "a small part" of purchase originations at BofA -- which reported $156 billion in total residential production for 2011.
Most of the approximately 160 impacted employees are expected to find other jobs in other mortgage positions. Around half of the relocation lending staff work in sales, the spokesman said. The other half are in fulfillment.
Francisco suggested that refinance business continues to be strong, and opportunities exist to support that business.
"Not all associates will be able to move into a new role," Francisco stated.
Relocation employees who don't find other mortgage jobs will be considered for other positions at Bank of America Corp., where total staffing stood at 275,460 full-time equivalent employees as of June 30. |
Bank of America profile
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Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.
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