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More North Texas Mortgage Layoffs at BofA

Fort Worth employees impacted

Sept. 29, 2014

By Mortgage Daily staff

A new round of layoffs in North Texas is just one of at least three in the region so far this year by Bank of America.

A Worker Adjustment and Retraining Notification was filed by a Bank of America Corp. unit indicating upcoming layoffs in Fort Worth, Texas.

The impacted North Texas employees will be terminated on Nov. 17, according to the WARN filing by the Charlotte, N.C.-based company.

WARN filings are required when a layoff event at a location is planned for 60 days later.

The Texas Workforce Commission reported that BofA indicated in its Sept. 25 notice that 50 people are impacted.

A BofA spokeswoman clarified that there were 29 employees impacted last week. The "50" figure is cumulative.

The statement from the spokeswoman said that the jobs being eliminated are in the default servicing division of the legacy servicing asset area.

Nearly 60 Dallas-Fort Worth metroplex were advised in May of their upcoming layoffs.

A WARN filing in March indicated that 156 North Texas employees were being laid off in April.

During the foreclosure crisis, North Texas emerged as a cost-effective location for servicing operations -- driving up demand for staffing.

But as distressed levels of loans subsided, so did the need for servicing employees -- placing pressure on North Texas' mortgage workforce.

In addition to the North Texas layoffs, more than 500 legacy assets employees in Charlotte were advised in June of their impending layoffs.

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