Business

Bank of America ends local mortgage processing, orgination operations

A Bank of America official said today that the nation's largest bank has eliminated its mortgage processing and underwriting operations in Wichita.

Bank of America Home Loans spokesman Rick Simon said 10 Wichita employees were affected by the closing.

The closing was part of a national initiative the company announced last month, affecting about 1,500 Bank of America employees, mostly in 100 small mortgage fulfillment centers across the county, Simon said.

He said Bank of America and the mortgage industry is expecting a 25 to 30 percent downturn in mortgage originations this year.

"It is important to note that the Bank of America Home Loans retail branch remains open and ready to accept applications for home purchase and refinance loans," Simon said.

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