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One of the major employers in Richmond, Bank of America, has laid off  40 local workers last week at its massive mortgage operations center on Villa Park Drive in Northern Henrico citing changes in the mortgage market with more troubled loans being resolved and interest rates rising.

According to Richmondbizsense, BOA stated:

“We continue to reduce the size of our mortgage servicing operations in line with the successful reduction of our portfolio of delinquent mortgage customers.”  “Compared to peak levels in 2011, today we have fewer than one-third the numbers of customers who need the specialized programs and support of this team.”

“These actions also reflect our ongoing efforts to streamline our facilities and align our cost structure with market realities, including declining refinance volume resulting from rising interest rates.”

See full story here.