Mortgage Daily Logo

New Round of BofA Layoffs

Mortgage News

Less than a month after its disclosure that it would eliminate more than a thousand mortgage jobs, Bank of America Corp. is moving forward with another round of layoffs. The latest job cuts, however, involve far fewer people.

The Charlotte, N.C.-based firm disclosed Thursday that it is reducing it mortgage staffing at several origination locations across the country, including a facility in Plano, Texas.

Impacted employees work in BofA’s centralized sales force. The sales unit handles both refinance transactions and purchase financing.

“Obviously the folks in centralized sales also do purchase mortgages, but more of their business is refinance,” BofA Senior Vice President Corporate Communications Terry H. Francisco stated in a telephone interview

Francisco confirmed that around 130 employees are impacted.

“In order to remain competitive, we [must] align our cost structure with market realities to support the current operating environment,” Francisco said in a written statement. “Unfortunately this means we must reduce our workforce.”

Today’s actions are in addition to 50 BofA layoffs in Washington, D.C., on Oct. 31, according to an Aug. 29 Workers Adjustment Retraining Notification filing. In nearby Northern Henrico, Va., BofA laid off 40 mortgage employees late last month.

BofA additionally disclosed last month that it would terminate around 1,200 Ohio employees on Oct. 31.

BofA also recently disclosed that it would lay off 543 Fresno, Calif., employees; eliminate 469 Newark N.J., positions; cut 113 Addison, Texas, jobs; and reduce its North Texas staffing by 411 people. In addition, BofA recently gave notice to 209 Upper St. Clair, Pa., employees and 53 Central Florida employees.

“Impacted employees are being offered a severance package and access to transitional assistance,” Francisco added in today’s statement. “Despite headwinds in the refinance segment, we remain focused on strengthening and growing our mortgage originations business and meeting the financial needs of our customers, regardless of what their home loans needs may be.”

Related Posts

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

There is No Such Thing as a Free House …

Over the past several years, those who service loans in the State of Washington(1) have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Mortgage Servicer Portfolios

servicing news | mortgages outstanding statistics | foreclosure news   Servicing Portfolios as of 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 Residential Servicing Portfolios by Servicer Last Updated December 14, 2018...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC filings | execs | m&a | production   Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move --...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Freddie Mac Profile

Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move -- which is likely to push mortgage rates lower and provide a sense of stability for the more than 10,000 employees at both companies -- is a...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam