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Lending / The Ticker

Bank of America cuts 114 Texas mortgage positions

Mortgage business keeps reducing

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Bank of America (BAC) is cutting 114 employees from its North Texas mortgage division, according to the Texas 2014 Worker Adjustment and Retraining Notification.

The mega-bank is slashing 74 positions from its Plano location and 40 from the Richardson location. The reduction follows across-the-board plans to cut similar positions at big banks.

“The number of delinquent mortgage loans we service has decreased to one-fourth the peak levels.  As we continue to resolve the needs of customers with delinquent loans, we are reducing the size of the operations that support these specialized programs,” a bank spokesperson said.

“Additionally, in line with the industry, we are realigning our cost structure in response to lower customer demand for mortgage refinancing.  We are working with employees to identify opportunities both inside and outside the bank,” the bank added.

However, the bank did note that it has a large presence in the state. 

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