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Latest Round of BofA Layoffs Push 2013 Total Past 6k

Servicing, production jobs impacted

Oct. 24, 2013 (updated Oct. 25)

By Mortgage Daily staff

A new round of layoffs at Bank of America Corp. pushes to more than 6,000 the number of mortgage positions that will be eliminated this year, and the number could grow before the year is out.

So far during 2013, Mortgage Daily has tracked approximately 5,160 planned mortgage layoffs for the Charlotte, N.C.-based company.

The job cuts have been made in mortgage servicing and production. Impacted employees are located throughout the country, though California, New York, Ohio and Texas have taken some of the biggest hits.

Now, another round of layoffs has been disclosed.

The latest staff reduction comes as the number of delinquent home loans has fallen to just a third of peak levels, Bank of America Spokeswoman Jumana Bauwens explained in a statement.

"As we continue to resolve the needs of customers with delinquent loans, we are reducing the size of the operations that support these specialized programs," she said. "Additionally, in line with the industry, we are realigning our cost structure in response to lower customer demand for mortgage refinancing."

Bauwens declined to provide the number of employees impacted from the most recent round of layoffs.

But a story from the Wall Street Journal indicated that around 1,200 employees were notified Thursday about their impending layoffs.

(After the publication of this story, a BofA spokesperson confirmed that 1,200 employees were notified of their layoffs this week, while another 2,800 distressed servicing jobs will be eliminated during the fourth quarter).

In addition, the Tampa Bay Times reported that 50 Tampa, Fla., employees were laid off Wednesday, while the Sacramento Bee reported that 110 people were let go in Rancho Cordova, Calif.

There was no Worker Adjustment and Retraining Notification yet available from the Florida Department of Economic Opportunity to confirm the Tampa layoffs.

While Mortgage Daily has so far identified 1,452 fourth-quarter layoffs at BofA, the WSJ story indicated that BofA is planning to eliminate a total of 3,000 mortgage jobs during the final three months of 2013.

"We are working with employees to identify opportunities both inside and outside the bank," Bauwens said in today's statement.

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