Bank of America to cut hundreds of legacy servicing staff

Bank of America (BAC) confirms plans to lay off 202 mortgage servicing workers in Norfolk, Virginia by March 29. The continued cuts in Legacy Asset Servicing come as the numbers of bad mortgages.

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Back in 2015, the bank laid off hundreds of workers from its legacy mortgage servicing operations, saying it was continuing to cut back its servicing staff due to a decline in delinquent loans.

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 · The Charlotte-based bank eliminated a “small number” of global marketing and corporate affairs jobs. Some of those jobs were here in Charlotte. BofA spokesman Jefferson George confirmed the.

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Bank of America’s legacy asset servicing division initiates foreclosure proceedings and deals with investors who want to buy back troubled mortgages. But with fewer individuals now at risk of facing foreclosure, the $1.5 trillion-asset company has been trimming staff. Last summer, Bank of America cut 540 mortgage jobs from its LAS division.

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