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Hundreds of Mortgage Jobs Eliminated

Recent mortgage layoff activity

March 22, 2015

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Some of the biggest players in the mortgage industry have recently eliminated more than a thousand jobs in the aggregate as they adjust to current conditions.

JPMorgan Chase & Co. is laying off 163 mortgage banking employees in Jacksonville, Fla., on March 30. The positions are in customer assistance.

Chase disclosed the job cuts on Jan. 30 in a Workers Adjustment and Retraining Notification filed with the Florida Department of Economic Opportunity.

Another 350 mortgage jobs in Rochester, N.Y., are expected to eliminated this fall by Chase, Time Warner Cable News reported. The staffing reduction reflects a decline in the number of distressed borrowers.

Bank of America Corp. will lay off 202 people in Norfolk, Va., a WARN filing with the state's Board of Workforce Development said. BofA said the job cuts will happen on March 29.

On May 9, BofA will let 150 Allegheny, Pa., employees go, a WARN filing with the Pennsylvania Department of Labor & Industry indicated.

In New York, BofA advised 35 people that their would be terminated on May 13, according to a WARN filed with the New York Department of Labor.

BofA also disclosed that 53 mortgage employees in Jericho, N.Y., would be laid off on the same date.

Three BofA positions in Jacksonville, Fla., are being eliminated on May 9, WARN filings in that state said. Another 69 jobs are being eliminated on April 13.

Charlotte, N.C.-based BofA will lay off 113 employees at a mortgage loan processing center in West Hills, Calif.,  in the spring, the San Fernando Valley Business Journal reported. The employees handle distressed borrowers.

On April 20, Trulia will lay off 157 people in Bellevue, Wash., a WARN filing with the Washington Employment Security Department indicated.

Inside Mortgage Finance
reported in January that Nationstar Mortgage LLC is eliminating 70 jobs mostly at its Lewisville, Texas, headquarters. However, a WARN filing -- which is required when more than 50 jobs will be cut -- has not been filed with the Texas Workforce Commission.

Approximately 70 of Interthinx's 500 employees are being laid off, HousingWire reported. The move is being made to eliminate redundancies following First American Financial's 2014 acquisition of the company.

WesBanco advised the Pennsylvania Department of Labor & Industry that 108 jobs will be eliminated on April 30. Half of the layoffs are in Ellwood City, while the other half are in Wexford.

Thirty-one layoffs were reported by Community National Bank to the New York Department of Labor. The layoffs, which are due to the sale of the bank to Bridghampton National Bank, will take place in Great Neck on May 18.

In addition, Community National is shedding 46 jobs in Melville, N.Y., and another 41 are being cut throughout the rest of the state.

On July 13, Bank of New York Mellon plans to eliminate 50 jobs in New York, according to a WARN filing in that state. "Plant closing" was cited as the reason.

More layoffs in California were likely, but the state removed data from its website about WARN filings made after June 2014.

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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