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Wells Fargo (WFC) is laying off 2,300 mortgage jobs nationwide as the result of flagging demand for mortgage refinancing.
August 21 -
JPMorgan Chase (JPM) is laying off roughly 600 mortgage banking employees in Colorado and South Carolina, according to local news reports.
August 8 -
Regional banks are expected to see a huge drop-off in mortgage originations over the second half of 2013 as interest rates continue to rise.
August 29
Bank of America (BAC) became the latest bank to announce major mortgage layoffs.
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, according to a
The company will also close home loan offices in Independence and Cincinnati, impacting 155 workers in total, the report said.
"We continue to reduce the size of our mortgage servicing operations in line with the successful reduction of our portfolio of delinquent mortgage customers," a Bank of America spokeswoman said in a statement. "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. These actions also reflect our ongoing efforts to streamline our facilities and align our cost structure with market realities, including declining refinance volume resulting from rising interest rates.
The bank said it would work to help employees identify other job opportunities.
