CHARLOTTE, N.C. Bank of America has become the latest bank to announce major mortgage layoffs.
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About 1,000 workers in Beachwood, Ohio, will lose their jobs on Oct. 31 when the Charlotte, N.C., company shutters its mortgage and consumer banking office. The company said it also will close home loan offices in Independence and Cincinnati, impacting 155 workers in total, the report said.
"Compared to peak levels in 2011, today we have fewer than one-third the numbers of customers who need the specialized programs and support of this team,” BofA said in a statement.
Wells Fargo and JPMorgan Chase also have recently cut mortgage lending staff as increases in rates have slowed volume.
