78.5 F
San Fernando
Friday, Jan 27, 2023
-Advertisement-
Array

BofA Laying Off Valley Loan Servicers

Bank of America will lay off up to 113 employees this spring at its West Hills mortgage loan processing center – the latest in a series of cuts the bank has made as the housing market has improved. The Charlotte, N.C. financial institution will lay off the workers at the Fallbrook Avenue facility as of March 29, according to a Worker Adjustment and Retraining Notification notice filed Jan. 30 with the state Employment Development Department. The state requires the notice to be filed 60 days in advance of any layoffs of 50 or more workers. Bank of America and other large lenders have gradually made staffing cuts the past two years in the San Fernando Valley and elsewhere at their mortgage servicing offices, which had been busy during the recession handling delinquencies and foreclosures. But bad loans have dropped off as the economy has recovered and the banks moved the loans off their books. Bank of America became the nation’s largest mortgage lender in 2008 when it acquired failing Countrywide Financial in Calabasas for $4.1 billion amid the financial crisis. It has seen delinquent mortgage loans decrease to one-seventh of their peak levels, according to a company spokeswoman. “This division was created in 2011 and staffing grew dramatically to support the short term needs of mortgage customers at risk of foreclosure,” said Jumana Bauwens in an emailed statement. “Now, we are in the process of returning to normal staffing levels.” In late 2012, Bank of America closed a regional office in Glendale and laid off up to 100 workers. In November 2013, the bank made cuts to its mortgage processing operations in Simi Valley, West Hills and Westlake Village. Last March, JPMorgan Chase & Co. eliminated 165 workers from its Chatsworth mortgage-processing office, and six months before that had cut up to 300 employees. The Bank of America employees affected by the latest cuts will be eligible to apply for open positions at the bank. For those not being retained, the bank will provide services and resources to help find new jobs, Bauwens said. The bank still maintains back offices in Calabasas and Simi Valley.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-