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Layoffs at Several Mortgage Service Providers

Recent mortgage-related layoffs

June 1, 2013 (updated June 4)

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

While banks dominate recent mortgage-related jobs cuts, at least five mortgage service providers have also been scaling back their staffing.

The closing of a Getzville, N.Y., office at Bank of America Corp. will result in 1,320 layoffs on June 23, according to a Workers Adjustment Retraining Notification filing with the New York Department of Labor.

BofA also notified the New Jersey Department of Labor and Workforce Development that it would eliminate 469 jobs in Newark on May 31.

Five percent of Landsafe employees were let go starting on Feb. 22, Bloomberg reported. More than a thousand employees are employed by the appraisal management company, which is owned by Bank of America Corp.

Another 57 BofA layoffs were planned for mortgage assistance customer support employees in Rancho Cordova, Calif., a WARN filing with the California Employment Department indicated. Those layoffs were expected to be complete by April 2.

Layoffs slated for May 3 impacted 356 M&T Bank employees, according to a WARN filing with the state of New Jersey. The layoffs took place on May 3 in Paramus.

Capital One notified the State of Oregon Department of Community Colleges & Workforce Development that 217 Portland employees were being terminated on Jan. 2 as a result of a reduction.

In Brentwood, N.Y., Capital One Bank plans to layoff 26 people in the fourth quarter, a notice filed with the New York Department of Labor stated. "Plant closing" was the reason listed for the layoffs. (A spokesman for Capital One clarified after the publication of this story that none of the New York or Oregon layoffs were mortgage-related).

In Houston, Equifax Inc. laid off 136 employees on May 20, according to a March 20 WARN filing with the Texas Workforce Commission.

The closing of PowerLink Settlement Services LP resulted in 125 layoffs on April 8 in Coraopolis, Pa., according to a WARN filing with the Pennsylvania Department of Labor & Industry. PowerLink was a joint venture between Homeward Residential and Fidelity National Financial.

In addition, another four PowerLink employees in Dallas were laid off on April 8, a WARN filing in Texas said.

Wells Fargo Home Mortgage advised the Illinois Department of Commerce & Economic Opportunity that it would terminate 76 employees beginning on June 22 in Lombard.

Union Bank, N.A., notified the state of California that it would layoff 72 people in Santa Barbara on April 30.

Another WARN filing in California said that First California Bank is eliminating 55 positions on April 1 in Westlake Village.

On June 30, MetLife Bank plans to layoff 116 employees in Irving, Texas, a May 7 WARN filing with the state said.

In Robbinsville, N.J., Roma Bank laid off 57 people on May 31, according to a WARN filing.

Lender Processing Services laid off 37 people in Jacksonville, Fla., according to a March 5 story in the Jacksonville Business Journal. The impacted jobs are in the company's default solutions group.

In Garden City, N.Y., CoreLogic Credco LLC plans to layoff 20 people beginning on June 14 and completing by Nov. 1, a WARN filing in that state said. The office is closing down.

A mortgage default control business unit in Brooklyn, N.Y., is closing on June 4, at JPMorgan Chase & Co., the company reported to the state. Seven employees are impacted by the closing.

The number of people employed by St. Louis-based USA Mortgage was 471 as of March 31, down four employees from the end of last year, according to operational data provided to Mortgage Daily.

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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