Mortgage Daily Logo

BofA Laying Off Hundreds of Retail LOs

Mortgage News

Hundreds of mortgage employees are being laid off as Bank of America Corp. closes dozens of retail sales offices in several states.

On Friday, subsidiary Bank of America Home Loans advised employees at 40 retail sales offices that it would be closing the branches, BofA Senior Vice President Corporate Communications Terry Francisco explained in a telephone interview.

The move was made as part of a “general streamlining of the business” as the company focuses on stronger markets.

Impacted offices are located in areas where the Calabasas, Calif.-based company has a “very limited sales presence,” according to Francisco. That includes offices in the states of Alabama, Alaska, Montana, Nebraska, Wisconsin, and Wyoming as well as some offices in other states.

“We’re ending our on-the-ground retail sales presence in those six states,” the spokesman stated.

The office closings will occur over the next several weeks. But more than 500 retail sales branches will remain.

As a result of the branch closings, 330 mortgage loan officers are being laid off. The job cuts are happening over the next couple weeks.

But the company still has the capacity to handle the currently elevated refinance volume, according to Francisco.

Borrowers in the states where branches were closed can still obtain mortgages through centralized sales channels. These include Internet and telephone channels.

Francisco said in a written statement that around two-thirds of retail originations are generated through branch originators, while the other third comes from the centralized sales channels.

“However, if you look at refinance volume, more than 50 percent comes in through centralized channels,” he explained.

The layoffs follow the company’s disclosure this week that it would close its correspondent lending business — a move that will impact 1,200 employees.

BofA said last month that it plans to cut its company-wide staff by 30,000 during the next few years.

In August, BofA said it was eliminating 3,500 mortgage jobs in addition to the 2,500 mortgage layoffs that have already occurred this year.

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

The Mortgage Graveyard 2018 Archives

The Mortgage Graveyard 2018 Archives Failed, Struggling and Acquired Mortgage-Related Companies Non-Bank Closures 3 Bank Failures (FDIC) 0 Credit Union Failures 0 Total Mortgage-Related Failures 3  

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

MBS Statistics

MBS Statistics Non-Agency Issuance 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 Private Label RMBS Issuance (S&P) $80 billion to $100 billion (est) $70 billion $34...

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

Sample E-Mail

Sample E-Mail   Covering the Real Estate Finance Since 1999  Mortgage Industry News free news content | view headlines online  Advertorial Text Ad This ad includes a linked bold headline of up to 50 characters and up to 100 words of text. The ad can be...

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...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI