Bank of America cuts 46 mortgage jobs in Pittsburgh
Bank of America is laying off 46 workers in its mortgage banking business at the Allegheny Center in the North Side.
Employees were notified last month, and the job cuts will occur on July 7, said bank spokeswoman Jumana •Bauwens. She could not confirm how many people worked in that location and what functions were affected but said the cuts were in response to declining demand for mortgage services.
“The number of delinquent mortgage loans we service has decreased to one-fourth their peak levels. As we continue to resolve the needs of these customers and experience lower customer demand for mortgage refinancing, we are reducing the size of the operations that support these specialized programs,” Bauwens wrote in an email.
Workers affected by the changes were encouraged to apply for open positions at locations across the state. There are 75 open positions, Bauwens said. Bank of America has more than 3,500 employees in Pennsylvania.
Banks have been pruning their mortgage staffs because of a decline in business as rising rates crimp refinancings and loan originations.
Bank of America, the nation's second-largest bank, has slashed thousands of mortgage jobs in recent months, including 209 at its mortgage call center in Upper St. Clair, which closed in September. PNC Financial Services Group has cut mortgage jobs because of a slowdown in business.
Chris Fleisher is a staff writer for Trib Total Media. He can be reached at 412-320-7854 or email@example.com.