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Big bank to lay off hundreds of its mortgage staff

  

mpamag.com | February 4, 2015

Bank of America has announced it is planning to lay off more than 200 employees from its legacy mortgage servicing operations in its Norfolk, Virginia, office. The division of the bank handles troubled mortgages.

The bank filed a notice with state and local officials alerting them to the planned staff reduction in the Legacy Asset Servicing division. Layoffs are expected to take place March 29, according to the Associated Press.

In 2012, the division included 42,000 full-time workers across the company as the Charlotte, North Carolina-based bank dealt with more than a million past-due mortgages. Since then, Bank of America has cut a third of those jobs.

In November, Bank of America, along with Citigroup, announced they would put about $1 billion each of nonperforming and re-performing mortgages on the market. The move was in an effort to meet demand and avoid the costs of holding troubled debt.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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