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| About 150 people will lose their jobs as Bank of America dissolves the outsourcing unit it created nearly two years ago.
On Feb. 8, Financial ServiceSolutions employees were given 60-day layoff notices, company president Greg Sullins told MortgageDaily.com Friday. Currently, there are about 120 workers at its Louisville, Ky., office and 30 to 35 employees at the Charlotte, N.C., headquarters and the New York and California offices, the executive said. The process of winding down could go beyond April to possibly midyear, according to Sullins. While some employees will be retained for the next 60 to 90 days to complete business activities, 75 will be released within a week, he said. Financial ServiceSolutions was formed in April 2003 through a joint venture between BoA and Fidelity National Information Solutions Inc. to provide mortgage companies with loan processing and closing, underwriting, document preparation and other functions. The primary driver of BoA’s decision to close down the outsourcing division was because it wanted to “focus on more specific internal growth initiatives,” Sullins said. Financial ServiceSolutions recently cut its workforce in half. The 60-day notices 200 Louisville employees received last November expired last month. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.email: s3celeste@aol.com |
