Bank of America Mortgage Co. is laying off 720 employees, as rising rates continue to take a toll on the home loan business.

"The cuts represent about 11% of our total mortgage employee base," spokeswoman Shirley Norton said Friday. She attributed the layoffs to a decline in demand as higher rates discourage new borrowing, and said the layoffs would take effect Nov. 30. "We are in the process of telling people now," she said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.