The company has confirmed that it is slashing mortgage jobs in its branches
BMO Harris has become the latest financial institution to slash its mortgage workforce. The bank is cutting scores of bank branch mortgage-lending jobs, saying that customers prefer to shop for mortgages over the phone, according to a report by The Virginian-Pilot.
The Chicago-based bank confirmed Monday that it would be cutting mortgage jobs but declined to say how many would be eliminated. However, The Milwaukee Journal Sentinel put the number at 170, citing an internal bank document.
BMO Harris said it was moving to a more centralized model for mortgage lending that would give customers immediate access to mortgage specialists.
“People want speed now and fast turnaround,” bank spokesman Patrick O’Herlihy told The Virginian-Pilot.
BMO Harris is just the latest lender to slash its lending staff. Earlier this month, JPMorgan Chase announced that it was cutting 400 mortgage jobs. Movement Mortgage announced that it would slash about 180 jobs nationwide, while Denver-based LenderLive pink-slipped about 60 employees as it consolidated its origination business. Wells Fargo has announced several rounds of cuts, leading to the elimination of more than 600 mortgage jobs. And USAA recently announced that it would lay off about 265 mortgage and real estate employees.
