BANK OF AMERICA MORTGAGE DEPARTMENT LAYOFFS Monday, March 10, 2014, 1:20pm CDT Mortgage industry takes another hit with BofA laying off 156 in DFW No. 2 - Bank of America Total local employees: 20,000 DFW headquarters city: Dallas Top… more This report contains corrected information on the number of jobs affected. Bank of America plans to cut more than 156 mortgage-related jobs in North Texas by mid-April, according to notices received by the Texas Workforce Commission. Bank of America joins Wells Fargo and Chase, which both recently announced similar job cuts in North Texas and nationwide. The three banks combined have laid off at least 200 people in North Texas in the last year and have cut more than 11,000 jobs nationwide. The cuts are a reaction to the dramatic slowdown in home refinancing and new mortgages. Warnings that Bank of America could have a mass layoff, possibly as much as 2,800 workers, date back to October. The Charlotte-based bank will lay off 40 workers in the Home Loan Fulfillment unit in Richardson by March 23. Another 36 workers will be cut in the Legacy Asset Servicing unit at 4200 Amon Carter Blvd. and 4500 Amon Carter Blvd in Fort Worth. In Addison, another six workers will be laid off, also in the Legacy Asset Servicing unit. The Legacy Asset Servicing Unit handled delinquent or high-risk loans inherited from Countrywide Financial Corp. in 2008. In Plano, 74 workers will be laid off at two offices. This is in addition to the 31 workers laid off in the past three months at the Richardson office at 2380 Performance Drive. BofA officials declined to comment on the job cuts but released a statement saying the number of delinquent mortgages decreased 75 percent from peak levels. The need for mortgage refinancing has also decreased. We are working with employees to identify opportunities both inside and outside the bank, according to the statement. In February, Chase announced plans to cut 8,000 jobs nationwide with 130 coming from the office in Lewisville. Just a few weeks later, Wells Fargo announced plans to cut 700 jobs nationwide, with 10 jobs affected at the Irving office. That same office laid off 55 workers in October. And in December, Genpact announced that it would cut 65 jobs in the mortgage
Posted on: Thu, 13 Mar 2014 23:21:56 +0000
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