[Chart] FHA mortgage insurance boom in the works?

[Chart] FHA mortgage insurance boom in the works?

MBA notes impact of cutting MIPs

loanDepot officially files for IPO

Number of shares, price range to be determined

Did Sen. Corker violate SEC rules, Senate ethics by telling investors to short GSEs?

Made questionable remarks on CNBC regarding stocks
Servicing / The Ticker

Bank of America cuts 3,000 mortgage positions

Cuts come as refi demand dwindles

/ Print / Reprints /
| Share More
/ Text Size+

According to The Wall Street Journal, Bank of America (BAC) plans to slash another 3,000 mortgage jobs in the fourth quarter as it seeks to cut expenses in response to a drop in refinancing and within its delinquent loan portfolio.

The bank notified about 1,200 employees Thursday in its legacy mortgage group and its home loans fulfillment unit that they will be let go, said a person familiar with the matter. The bank is also aiming to cut a total of 3,000 jobs in its legacy asset servicing group, the unit that manages the bank’s mortgage portfolio. That unit doesn’t originate loans, but services both current and delinquent loans.

The majority of the jobs cut will come from temporary contracting companies, the people said. The exact breakdown hasn’t been decided, one of the people said.

Source: WSJ
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus