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"As a part of the nationwide cuts announced Thursday, 110 Bank of America workers at a Rancho Cordova mortgage operation have been laid off, the company confirmed to KCRA 3.\"The number of delinquent mortgage loans we service has decreased to less than one-third of the peak levels,\" the bank said in an emailed statement. \"As we continue to resolve the needs of customers with delinquent loans, we are reducing the size of the operations that support these specialized programs.\"Additionally, in line with the industry, we are realigning our cost structure in response to lower customer demand for mortgage refinancing. We are working with employees to identify opportunities both inside and outside the bank.\"Bank of America couldn't comment on future staff reductions.Nationally, the Associated Press reported Thursday Bank of America is cutting 3,000 jobs by the end of the year. It's part of larger industry pull-back in response to the changing housing market.Bank of America Corp. laid off 1,200 employees this week, primarily from a unit that handles mortgage origination.The company says this is in response to a \"significant\" drop in refinancing applications this year.The company plans to make the bulk of the remaining reductions in its unit that handles troubled mortgages as an economic recovery has eased the number of borrowers in distress.It is one of many lenders to cut jobs: Wells Fargo said last month that it would cut 1,800 mortgage-related positions on top of prior cuts.\u00A0"^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.kcra.com/article/110-laid-off-at-bank-of-america-in-rancho-cordova/6408630>