In a sign of continued improvement in home loan performance at Bank of America Corp., more servicing jobs are being cut. The latest rounds are in Florida and Texas.
Earlier this month, BofA disclosed that 202 legacy asset servicing employees in Norfolk, Va., would be laid off in late March.
The following week,
250 mortgage and technology employees in Charlotte, N.C. — where BofA maintains its headquarters — were advised of their impending layoffs.
Then, on Feb. 16, the financial services behemoth filed a Worker Adjustment and Retraining Notification with the Florida Department of Economic Opportunity Office of Workforce Services indicating planned layoffs in Jacksonville.
The WARN notice said that
69 jobs are impacted.
The last day for the Jacksonville employees
is April 13.
Last
week, three separate WARN filings were made with the Texas Workforce Commission outlining layoffs planned for April.
Two of the notices impact employees in Plano. One round of 23 jobs cuts will take place on April 15, while a second round involving 22 positions will occur on April 13.
In Addison, BofA plans on letting 71 employees go on April 13, according to the third WARN filing.
A written statement provided by BofA to Mortgage Daily said that the North Texas layoffs primarily impact employees in the legacy asset division.
“The size of the delinquent mortgage portfolio continues to reduce — now just 189,000 loans at the end of Q4, down from a peak of 1.4 million in January 2011,” the statement said. “With fewer mortgage customers experiencing delinquency and no longer needing the specialized services and programs we have built, we continue to reduce the size of these operations.”
Since
December 2013, BofA has advised the Texas Workforce Commission of 729 mortgage layoffs in North Texas.
However, BofA says it still considers the region to be a
strategic employment location. More than 20,000 BofA employees remain in the Lone Star State.
In addition, BofA noted that there is opportunity for some of the impacted mortgage employees to move
into other businesses within the organization.
“As the need for customer service representatives in mortgage servicing has decreased over the past year and a half, we have retained more than 9,000 of those positions across the country through redeployment to other bank divisions,” the statement said. “The employees impacted by the changes in our business are eligible for and encouraged to apply for open positions at the bank, and we currently have 130 positions across the bank open in the greater Dallas/Fort Worth area today, and approximately 300 open across the state.”
