Bank of America Cuts Appraisal Staff by 5 Percent—Bloomberg, Appraisal News Online, HousingWire Reviewed by Momizat on . 70 Percent of the Work Appraisers Did at Landsafe, Bank of America's Appraisal Division, Was Related to Soured Home Loans   Bank of America Corp.'s appraisal di 70 Percent of the Work Appraisers Did at Landsafe, Bank of America's Appraisal Division, Was Related to Soured Home Loans   Bank of America Corp.'s appraisal di Rating: 0
You Are Here: Home » Practice Management » Bank of America Cuts Appraisal Staff by 5 Percent—Bloomberg, Appraisal News Online, HousingWire

Bank of America Cuts Appraisal Staff by 5 Percent—Bloomberg, Appraisal News Online, HousingWire

70 Percent of the Work Appraisers Did at Landsafe, Bank of America’s Appraisal Division, Was Related to Soured Home Loans  

Bank of America Corp.’s appraisal division LandSafe reduced about 5% of its work force, beginning Feb. 22, Bloomberg News, The Appraisal Institute, and Housing Wire reported.   LandSafe had more than 1,000 employees, the report said.  Hugh Son at Bloomberg explains a bit about the move:  

The dismissals from LandSafe’s workforce of more than 1,000 employees began Feb. 22, said the people, who requested anonymity because the matter is private. Those affected include appraisers, who estimate the market value of properties, and regional managers, according to a Feb. 25 staff memo from Tracy Sanderson, a LandSafe senior vice president.

“While we have known we were overstaffed since the fall, we did everything we could to delay impacts as long as possible,” Sanderson wrote. “We were hopeful that our volume would return and potentially reduce the number impacted.”

The bank has scaled back in mortgages after being saddled with more than $40 billion in costs tied to defective home loans. Most of those came to Bank of America through its 2008 takeover of Countrywide Financial Corp., whose operations included LandSafe.

About 70 percent of work done by LandSafe appraisers was related to transactions for soured loans, including the auction of bank-owned properties and short sales in which a borrower’s home is sold for less than the amount owed, said one of Bloomberg’s sources. The bank’s expected increase in originations this year isn’t enough to offset the drop in work resulting from having fewer overdue loans to service.

 

app0raisal

The Majority of the Work of the Home Appraisers Being Laid Off at Bank of America Was Related to Soured Home Loans 

See Also:
Bank of America Cuts Appraiser Staff by 5 Percent —Appraisal News Online (Appraisal Institute)  3/20
Bank of America Scales Back StaffHousingWire  3/13

Related:
Sudden Rise in Home Demand Takes Builders by Surprise New York Times (3/20)
New Indications Housing Recovery Is Under Way —New York Times (3/20)

The National Association of Certified Valuators and Analysts (NACVA) supports the users of business and intangible asset valuation services and financial forensic services, including damages determinations of all kinds and fraud detection and prevention, by training and certifying financial professionals in these disciplines.

Number of Entries : 2537

©2024 NACVA and the Consultants' Training Institute • Toll-Free (800) 677-2009 • 1218 East 7800 South, Suite 301, Sandy, UT 84094 USA

event themes - theme rewards

Scroll to top
G-MZGY5C5SX1
lw