Mortgage processor to close office within GJ branch
Bank of America Corp. will close its mortgage fulfillment office within its Home Loans branch in Grand Junction at the end of this month, another sign of the toll the downturn in the housing market has taken.
The closure of the office will result in the layoff of 10 employees, although those employees will have the chance to apply for open positions within the bank, Bank of America spokesman Rick Simon confirmed in an email to The Daily Sentinel. The loan sales office within the branch at 2504 U.S. Highway 6&50 remains open.
The mortgage fulfillment office processes and underwrites mortgage loan applications.
The Grand Junction office is one of about 100 that will close or consolidate, and the 10 employees are among 1,500 total positions being cut. Simon said nationwide about 300 employees will be shifted to the bank’s legacy asset servicing division, which works with distressed borrowers.
The cuts reflect an overall industry trend and expectation that the number of new home loan and refinancing applications will drop 25 percent this year. Simon said.
EDITOR’S NOTE: THIS ARTICLE IS UPDATED AND CORRECTED FROM AN EARLIER VERSION.