Mortgage

Bank of America slashes another 250 employees

Continues to reduce portfolio of bad loans

It’s not over for Bank of America (BAC) layoffs. Marking the third round of cuts in less than six months, the mega bank announced it is laying off 250 mortgage and technology workers in Charlotte, North Carolina, as the bank continues to reduce its portfolio of bad loans, an article in the Charlotte Observer said.  

The bank informed employees on Wednesday and plans to send a notice to state officials by the end of the week, bank spokesman Dan Frahm said. Most of the affected employees work in Gateway Village on West Trade Street, he said.

The 150 workers in short-term roles, as well as some of the other employees, had been working in technology positions, working with Legacy Asset Servicing and other business units.

Bank of America was notifying employees about layoffs in other cities Wednesday, but Charlotte had the largest concentration of affected workers, Frahm said

At the beginning of this month, the bank announced it was laying off 202 employees from its Norfolk, Virginia legacy asset servicing unit as it scales back its staff to “normal levels.”

The Norfolk job cuts marked the second time that Bank of America laid off employees in its mortgage servicing department in recent months. In October, HousingWire reported that BofA laid off 187 employees from its Plano, Texas, offices.

When contacted about those layoffs, BofA spokesperson Jumana Bauwens told HousingWire that the bank has made “significant progress” in helping delinquent homeowners.

“The number of delinquent mortgage loans we service has decreased to one-fifth of their peak levels,” Bauwens told HousingWire in October. “Due to the lower demand for these specialized services, we are reducing the size of the operations. This division was created in 2011 and staffing grew dramatically to support the short-term needs of mortgage customers at risk of foreclosure. Now, we are in the process of returning to normal staffing levels.”

Latest Articles

Washington D.C. housing market seeing quick rebound from pandemic

The Washington, D.C.-area market is among the most expensive on the East Coast. Redfin reported the average D.C. metro home price last month was $620,000, up 5.1% from one year earlier. The arrival of Amazon’s second headquarters at National Landing in Arlington County has kept prices high for that section of the market.

Jun 02, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please