CHARLOTTE, N.C. - Bank of America Mortgage said Tuesday that it is closing 20 retail offices in the Northeast, Midwest, and Hawaii and is eliminating 350 jobs.

"We've assessed where we're able to build relationships most effectively and most efficiently, and we've come to the conclusion that operating retail mortgage outside of the Bank of America footprint is not creating the significant growth opportunity that we believe we can achieve," said Danny Hellams, president of Bank of America Mortgage. The offices will close by Aug. 31, he said.

The company will continue its correspondent and broker operations, as well as telesales and Internet service, to all affected areas. It will continue to lend in all 50 states.

Bank of America Mortgage is investing resources and capital in expanding Internet capabilities and other processes to improve customer service, Mr. Hellams said.

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