real-time news and commentary for investors
Monday, Sep 9
BofA to close more mortgage offices, cut more jobs
- The bank is set to close 16 mortgage offices and slash 2.1K jobs as refinancing hits a wall, reports Bloomberg. (Earlier: JPMorgan says refis are off 60% from May, and Wells Fargo said to expect continuing declines in Q3).
- In late August, BAC shuttered another office and cut 1K jobs thanks not just to slowing refis, but improving credit trends meaning less manpower needed to service delinquent loans. Servicing costs are falling off a cliff.