Bank of America Corp., the second- largest U.S. lender, cut an appraisal unit’s staff by about 5 percent last month as the firm rid itself of overdue mortgages, said two people with knowledge of the move.
Bank of America Corp., the largest U.S. lender by assets, will close its correspondent-mortgage unit after negotiations with a bidder failed, leaving the employment status of about 1,200 workers in limbo.
Anthony Andrade was forced to rent the San Antonio, Texas home he planned to buy after Bank of America Corp. approved a mortgage and then scuttled three closings over two months with last-minute document requests.
Marc and Emily De La Torre would love to lower their mortgage bills to offset the costs of raising their 3-month-old baby. Instead, they’re among millions of Americans left out as the government tries again to make refinancing possible for borrowers with little or no equity.
Government efforts to make lenders pay for soured mortgages may be keeping potential borrowers from record-low interest rates, slowing home sales and refinancing as banks tighten standards to avoid more demands for refunds.