CHARLOTTE — Several hundred contract finance workers have been laid off in Charlotte after the settlement this week by a number of mortgage service providers.

The layoffs come after the $8.5 billion settlement involving Bank of America, Wells Fargo and eight other companies.

The banks had been required to hire a consulting firm to conduct an independent review of loan files of homeowners in foreclosure.

The ten banks agreed Monday to pay cash to borrowers and help others with loan modifications. The temporary workers conducting the reviews were no longer needed.

Debra Cope with Promontory Financial Group says several hundred workers in Charlotte are losing their jobs after Bank of America and Wells Fargo participated in the settlement. Cope did not release exact numbers.