Bank of America, which has been cutting many of its non-core mortgage divisions for well over a year now, said it is committed to maintaining a retail loan officer work force of 4,000 well into 2012.
In an interview with National Mortgage News B of A's top consumer sales executive for mortgages, Matthew J. Vernon, said the megabank has no plans to cut its LO workforce, even though next year could be a challenging one for residential production.
"We hope to maintain that 4,000 number," he said, "but grow in the top performer area."
Vernon also said he is committed to trying to retain as many of the bank's top LO producers as possible.
As reported by NMN last week, the bank recently lost Kevin Budde, one of its top LOs in the nation, to Plains Capital, which is expanding its presence in Southern California.
"We absolutely want to retain our top performers," he said. "I hate to lose any of our top people." (For the full story see the Monday edition of NMN.)
