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Multiple Mortgage Sectors See Layoffs

Recent mortgage-related layoff activity

March 3, 2013

By SAM GARCIA Mortgage Daily


portrait of Sam Garcia

While big banks are making some significant reductions to their staffing levels, mortgage-related layoffs are also happening at service providers who cater to mortgage lenders and servicers.

At Bank of America, 281 Glendale, Calif., jobs were eliminated on Dec. 31, according to a Worker Adjustment and Retraining Notification filing in that state. California was also notified that BofA would lay off on Jan. 29, another 51 Brea employees, cut 61 Lancaster positions and eliminate 51 jobs in Simi Valley. On April 2, BofA will lay off 57 Rancho Cordova, Calif., employees.

In Florida, BofA terminated 312 Fort Lauderdale employees on Dec. 31 after 36 were let go on Oct. 12, according to a WARN filing with the Florida Department of Economic Opportunity. BofA laid off 63 Jacksonville employees beginning on Sept. 28 and finishing up on Feb. 28.

Charlotte, N.C.-based BofA notified Maryland that 55 employees were laid off in Hunt Valley on Nov. 30.

JPMorgan Chase & Co. disclosed in an investor presentation last month plans to reduce its staffing by as many as 19,000 employees before the end of 2014, including 15,000 mortgage jobs. Around 4,000 of the total job cuts will take place this year, the Dallas Mortgage News reported. Headcount in Texas for the New York-based bank is 31,000.

Pittsburgh was the location of 215 layoffs at National Real Estate Information Services, according to a WARN filing. The layoffs took place on Feb. 15. National Real Estate provides appraisal services, title services and settlement and closing services as well as default services.

Another 82 Pittsburgh employees are being laid off by Secured Lending Services, according to the Pennsylvania Department of Labor & Industry. The employment terminates on April 2. Secured's services are similar to those offered by National Real Estate.

In Chesapeake, Va., HSBC notified the Virginia Workforce Network about 164 jobs being eliminated. Those layoffs will take place on April 12. HSBC has operated a Household Credit Services Inc. business at that location, which has also been occupied by Capital One -- which acquired $28.2 billion in credit card receivables and $0.6 billion in other net assets from HSBC in May 2012.

Ocwen Loan Servicing LLC's proposed acquisition of assets out of the Residential Capital LLC bankruptcy will result in layoffs for GMAC employees in Waterloo, Iowa, and the Greater Cedar Valley Alliance & Chamber announced it held a job and opportunity fair for the displaced employees in January. Employees were being courted for new positions at the Isle Casino Hotel Waterloo. A story from the Waterloo Cedar Falls Courier indicated that approximately 40 of the 950 GMAC employees at the facility are being laid off.

Around 140 Allonhill employees were notified in December that they would be terminated, The Denver Post reported. Most of the employees are in Denver, where the company is based, and some will remain on board through January.

A hundred jobs will be eliminated in Uniondale, N.Y., Citigroup Inc. said in a WARN filing. The reductions go into effect on March 3.

Alliance Bank notified the New York Department of Labor that 46 Syracuse employees will be laid off on March 22. Another 60 in Oneida are also being let go.

PMI Mortgage Insurance Co. laid off 64 employees on Jan. 13 in Walnut Creek, Calif., according to a WARN filing. The company is being operated in receivership by the Arizona Department of Insurance.

Wells Fargo notified the California Employment Development Department that it laid off four Concord employees on Dec. 4 and 57 more on Dec. 30.

Capital One Bank advised the state of New York about 42 layoffs planned in Mattituck. Those layoffs take effect on June 1.

A WARN filing in Maryland indicated that Capital One laid of 40 people in Hanover during the fourth-quarter 2012. Another 80 positions were eliminated in Bethesda on Nov. 5.

On Jan. 31, Marathon Bank of New York-Investors Bank laid off 31 people in Astoria, according to New York's labor department.

A "small percentage" of employees at a Greensboro, N.C., office were laid off by United Guaranty Corp. on Jan. 17, an article from The Business Journal said. Around 500 people in Greensboro work for the mortgage insurance company.

California layoffs on Feb. 15 disclosed in a WARN filing by City National Bank included six in the City of Industry and three in San Francisco.

One person will be laid off by Mortgage Bank in Jacksonville, Fla., on March 7, a WARN filing with that state said.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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