Bank of America is laying off more than 120 employees from its home loan department in Simi Valley effective later this year.

The financial institution said the layoffs will occur in two phases – May 13 and Nov. 7 as it consolidates and reduces staff at 450 American St., according to the Worker Adjustment and Retraining Notification filed with the state Employment Development Department.

“As a result of this decision, approximately 124 employees have been impacted,” the notification stated. “Eligible employees are offered career transition resources as well as severance pay and benefits.”

Bank of America inherited the American Street center when it bought defunct mortgage lender Countrywide Financial Services of Calabasas in 2008. The bank later sold the property to Rising Realty Partners, who in turn sold it and a second building in Simi Valley to Griffin Capital Essential Asset REIT II Inc. Both buildings owned by Griffin are leased to Bank of America through 2020.