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BoA to Cut Processing Jobs

BoA to Cut Processing JobsHundreds of job losses in Kansas

November 16, 2004

By COCO SALAZAR

Bank of America will close down its loan processing operation in Kansas — resulting in hundreds of job losses.

On Nov. 3, the Charlotte, N.C.-headquartered bank told loan processing associates it would close the operation at its Wichita, Kan., facility, according to BoA spokeswoman Julie Davis.

Davis could not confirm the number of layoffs, but published reports estimate job losses at about 230.

The job cuts are a “continued response to the downturn in the mortgage market,” Davis said, and will be phased out by the end of the year when the processing operation closes.

The bank’s third quarter production of $16.9 billion is less then half the level a year ago.

While BoA will no longer process loans at the Wichita facility, mortgage support operations will continue along with other banking operations, the spokeswoman noted.

The layoffs follow an announcement in June of 90 full-time associate layoffs in the Wichita loan fulfillment center. At that time, the lender said the Wichita center would have 400 associates under its arm after the job cuts.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.email: s3celeste@aol.com

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