- Sources say Bank of America has lost dozens of sellers from its mortgage division.
- The departures occurred following changes in job descriptions, pay structures, and credit standards.
- Bank of America fell several notches in its ranking of the largest home purchase lenders.
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Bank of America collides with outcome in the mortgage business…
Dozens of people have quit this year, according to four current and former mortgage bankers, with two of them suggesting that the number of layoffs has exceeded 100. It is expected that in late June, when the bank pays out its next quarterly bonuses, more will be fired. – said one of the people who talked about this with colleagues.
Sellers are leaving because they are frustrated with a series of changes the bank has made to their mortgage policies that have made it harder for some sellers to make money and heightened concerns about corporate surveillance, People said. Meanwhile, Bank of America fell several notches in its ranking of the largest homebuilding lenders.