BofA to cut 500 mortgage employees

[mhr]

BofA to cut 500 mortgage employees
Layoffs result from drop in refinancing
Thursday, June 03, 2004
Inman News

About 500 Bank of America mortgage employees learned this week they soon will no longer have a job.

Rising interest rates and declining volumes of refinanced loans prompted the layoffs, which were announced to employees Tuesday. The bank had bulked up its staffing last summer in response to increased demand for mortgages, but had not yet scaled back those levels as other lenders have, spokeswoman Julie Davis said today.

"What we're doing is just bringing our staffing back in line with a more normalized environment, which we haven't seen for awhile," Davis said.

The layoffs affect the bank's loan processing employees, and are spread out throughout the bank's 18-20 processing centers around the country, Davis said.

Of the total, about 200 work at the bank's St. Louis processing center, which will be the only processing center closed, she said. Another 90 work at the Wichita, Kan., processing center, and the remainder work at other locations across the nation, she said.

Snip ......

http://www.inman.com/inmannews.aspx?ID=41520

[kalian]

1. Wow....looks like the housing boom is coming to an end...

this is the second article about such layoffs in as many weeks...
I call this "pre-emptive" layoffs....given that the market will be
tanking shortly.

Enjoy the ride...