Major lender axes 115 mortgage jobs

by Ryan Smith19 Feb 2014
Yet another major lender is axing mortgage jobs in the St. Louis area just days after Bank of America sent nearly 300 employees packing.

Nationstar Mortgage is laying off 115 employees and closing a St. Louis County office, according to the St. Louis Post-Dispatch. The office had been open barely a year.

The Texas-based Nationstar has stated that the layoffs would be effective April 13, the Post-Dispatch reported.

The layoffs come on the heels of similar downsizing among Bank of America’s St. Louis-area mortgage employees.

The bank has laid off 280 employees and is closing a department that oversaw mortgage operations, and only about 90 employees are left in its St. Charles, Mo., office, the Post-Dispatch reported. A Bank of America spokeswoman told the Post-Dispatch that the layoffs were forced by a decrease in servicing business.

Nationstar and Bank of America aren’t alone in slashing mortgage jobs. Other lenders, including Wells Fargo and JPMorgan Chase, have cut thousands of positions in their mortgage units in the last 12 months as the refi boom evaporated. Bank of America itself cut about 3,000 mortgage employees in the last quarter of 2013.
 

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