Bank of America said it will terminate 58 employees from its Legacy Asset Servicing unity. The move follows a previous round of job cuts that saw BofA terminate 36 employees at two Texas sites in March.
Jumana Bauwens, Bank of America senior vice president of communications, said the layoffs were the result of shrinking refinancing and delinquencies.
"The number of delinquent mortgage loans we service has decreased to one-fourth their peak levels. As we continue to resolve the needs of these customers and experience lower customer demand for mortgage refinancing, we are reducing the size of the operations that support these specialized programs," Bauwens said.
Major lenders across the country have been slashing mortgage jobs as refinancing dwindles. For all of 2013, mortgage employment was slashed by 31,931 employees – the most since 2008. The nation’s biggest lenders were also the biggest firers last year; JPMporgan and Bank of America handed out about 4,000 pink slips apiece, while Wells Fargo gave more than 6,000 employees the axe.
More layoffs have hit mortgage servicers as a major lender announced it will shed nearly 60 Fort Worth workers.