Bank of America to Eliminate 3,000 Mortgage-Related Jobs

Following decline in loan portfolio

Bank of America is looking to cut 3,000 mortgage jobs before the end of the year to cope with declines in refinancing and in its portfolio of delinquent home loans, according to a source.

About 1,200 mortgage employees received notice that their position would be eliminated on Thursday. A majority of the 3,000 cuts will come from temporary contractors, though full-time employees will also be laid off, said the source.

A Bank of America spokesman did not immediately respond to a request for comment.