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Big Banks, Service Providers Dominate Mortgage Layoffs

Recent mortgage-related job cuts

March 16, 2014

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Big banks continue to dominate mortgage layoffs occurring around the country, though service providers are playing a growing role.

The California Employment Development Department received several Worker Adjustment and Retraining Notifications from Bank of America Corp. in November indicating planned layoffs on Jan. 19 at the following locations:

City Total
Brea 24
Simi Valley 117
Simi Valley 44
West Hills 49
Westlake Village 13

Declining mortgage originations were behind BofA's decision to notify 450 West Coast employees on Feb. 12 that they were being let go, Bloomberg reported. Employees at offices in Concord, Calif., and Pasadena, Calif., are among those impacted.

Virginia officials were notified by BofA that it is laying off 79 people in Richmond on March 24.

A WARN filing in the Golden State indicated that BofA is cutting 57 jobs in Los Angeles on April 13. On the same date, 71 positions are being eliminated in Concord, 153 people in Pasadena are being laid off and 77 Simi Valley employees are being let go.

Nine BofA employees in Jacksonville will be laid off on May 11, a Florida WARN filing said.

In February, JPMorgan Chase & Co. told investors that 2014 mortgage layoffs are expected to reach 6,000. Among the staffing reduction are the following positions, according to public disclosures and reports.

State Location Total Date
CA Chatsworth 179 April 21
CA Irvine 168 March 10
OH Columbus area 136 unknown
TX Houston 156 May
TX Lewisville 130 May


Wells Fargo & Co. disclosed last month that it is eliminating 700 mortgage jobs as a result of declining production. Public filings and published reports indicate that the layoffs will take place on May 27 in the following locations.

State Location Total
CA San Bernardino 17
CA San Diego 10
IA Des Moines 80
MN Twin Cities 203
NC Charlotte 25
NY Pittsford 4
PA Chester 4

Wells Fargo also cut 250 Riverside, Calif., jobs in January, according to an article from The Press-Enterprise.

In Pittsford N.Y., 25 Wells Fargo Home Mortgage employees are being laid off on April 22, a WARN filing said.

WARN filings in California indicated that Wells laid off nine people in San Bernardino on Jan. 12.

Wells Fargo's decision last year to exit its joint ventures is resulting in 52 layoffs at DE Capital Mortgage LLC. A WARN filing with the New York Department of Labor indicates that the layoffs will take place in Babylon on April 1.

Among 950 layoffs announced by CitiMortgage Inc. in January are 650 in Washington County, Md., according to an article from Nextar Broadcasting Inc. The first 50 layoffs were scheduled to take place in the first quarter.

Of 744 planned Florida layoffs disclosed last month by Digital Risk, 148 are in Jacksonville, The Florida Times-Union reported. A WARN filing says the layoffs will take place on April 12.

The sale of $13.4 billion in mortgage servicing rights in the first quarter from EverBank to Green Tree Servicing LLC will result in EverBank's Jacksonville, Fla., staff being reduced to 350 from 1,050, Moody's Investors Service reported. However, Green Tree agreed to hire at least 500 of the displaced workers -- though a WARN filing in Florida indicated that a total of 302 layoffs are happening from March 31 through May 1.

Nationstar Mortgage LLC has notified 105 servicing employees in Scottsbluff, Neb., that they will be laid off beginning March 28, KOTA News reported. After the job cuts are finished, there will be 215 employees and 50 contractors left at the site.

A WARN filing in California indicated that Rushmore Loan Management Services laid off 101 people in Irvine on Dec. 31, 2013.

At the McClennan Air Force Base, ServiceLink notified California that it is cutting 97 jobs on April 13, a WARN filing said.

Pacific Mercantile Bank notified California officials of 95 layoffs on Feb. 14 in Costa Mesa.

A WARN notice filed by CoreLogic Tax Services in September 2013 indicated that 81 people in Simi Valley, Calif., are losing their jobs on March 31.

An office in Irvine, Calif., is the location of 81 layoffs that occurred on Feb. 17 at Genpact Mortgage Services, a WARN filing said.

In January, SunTrust Mortgage Inc. cut 32 jobs in Schaumburg, Ill., a WARN filing with the Illinois Department of Commerce & Economic Opportunity said. The layoffs were the result of an office closing.

Thirteen Lancaster, Pa., workers were laid off last month by Fulton Mortgage Co., LancasterOnline reported. The processing department reductions were in addition to 32 temporary worker layoffs made during the prior 90 days.

In Christiansburg, Va., Union First Market Bank will eliminate 80 jobs on May 9, a filing with the Virginia Workforce Network indicated.

Emery Federal Credit Union advised the Maryland Department of Licensing and Regulation of layoffs that took place on March 7. The 78 impacted employees are located in Owings Mills.

Sterling Bank notified New York that it is eliminating 52 jobs during the second quarter throughout the state.

A merger was cited as the reason for the closing of a Melville, N.Y., location of First National Bank of New York that resulted in 36 layoffs on Feb. 14, a WARN filing 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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