As the mortgage refinance boom continues to reverse course, Bank of America (BAC) is falling in line with other lenders by cutting more than 1,000 jobs in home loan fulfillment and consumer banking services.
Bank of America spokesperson Jumana Bauwens confirmed the company’s impending layoff Friday.
“We continue to reduce the size of our mortgage servicing operations in line with the successful reduction of our portfolio of delinquent mortgage customers,” Bank of America said in a statement.
Bank of America currently has fewer than one-third the amount of customers needed to support current levels of specialized support teams and services.
Additionally, the actions reflect ongoing efforts to keep up with market realities, including declining refinance volumes as interest rates tick up.