Business Booms for CashCall Mortgage, BoA Cuts Jobs to Save Money

CashCall Mortgage has announced plans to create hundreds of jobs, as it expands operations in California and Nevada. Meanwhile, the news isn’t as positive for one banking giant, who recently said it will make the largest workforce reduction by a U.S. company this year.

Bank of America (BoA) said it will cut thousands of jobs in an effort to reduce costs and boost consumer confidence after botched mortgage investments, according to The Associated Press. The cuts, which will total approximately 30,000 jobs, will affect BoA’s consumer businesses and result in about $5 billion in savings over the next two years.

The news of the layoffs comes as CashCall Mortgage announced it will be expanding its operations in Anaheim, California, and Las Vegas, Nevada.

J. Paul Reddam, CashCall Incorporated president, said the company is thriving because it doesn’t have the large overhead that comes with being a big bank.

“It seems that consumers are becoming smarter shoppers and realizing that lenders such as CashCall offer the same mortgage refinancing as the big banks, but at lower rates, and often with less hassle,” Reddam stated.

In all, the expansion will create 530 new jobs.