Mortgage jobs in North Texas are being eliminated by Bank of America Corp. Employees in originations and servicing are impacted.
BofA filed a Worker Adjustment and Retraining Notification on Monday with the Texas Workforce Commission indicating that it plans to make the layoffs.
Impacted employees are at locations in the Dallas suburb of Plano. The WARN notice indicates that their layoff date is Nov. 7.
The Texas Workforce Commission reports that there are two sets of layoffs for a total of 193 employees.
A copy of a letter obtained by Mortgage Daily from BofA to Plano Mayor Harry LaRosiliere indicates that a total 139 associates in the legacy asset servicing unit are affected by the job cuts over a 90-day period.
In addition, 48 employees in mortgage originations are being let go.
A spokeswoman speculated that the slight difference between the state total and the total in the letter might have been because the state was slightly off in its report.
As refinances slowed over the past year, mortgage lenders like BofA have been reducing their origination ranks.
At the same time, mortgage delinquency has diminished — reducing the need for distressed servicing employees.
“After serious consideration, Bank of America has decided to consolidate and reduce staff in the legacy asset servicing and home loan originations units at 7105 Corporate Drive, Plano, TX, 75024 and 6400 Legacy Drive, Plano, TX, 75024,” the letter stated. “This layoff is expected to be permanent.”
