- June 2, 2021
- Posted by: Stratford Team
- Category: Markets
- Bank of America has lost dozens of salespeople from its mortgage unit, sources say.
- The exits have come after changes to job responsibilities, pay structure, and lending standards.
- Bank of America has fallen several notches in the biggest home-loan originator ranks.
- See more stories on Insider’s business page.
Bank of America is facing an exodus in its mortgage business.
Dozens of people have quit this year, according to four current and former mortgage bankers, with two of them suggesting the resignations have now climbed above 100. More departures are expected at the end of June, when the bank pays out its next quarterly bonuses, one of the people, who has spoken with colleagues about it, said.
The salespeople are leaving because they’re frustrated over a series of changes the bank made to its mortgage policies that have made it harder for some salespeople to make money and increased concerns about corporate surveillance, the people said. Meanwhile, Bank of America has fallen several notches in the ranks of the biggest home-loan originators