Wells Fargo will lay off 107 workers at the end of August in Des Moines, where its home mortgage division is based. It was the company's latest move in response to declining origination and refinance activity.The bank hasn’t disclosed the number of impacted mortgage staff since it began layoffs in April, but said Wednesday that 35% of them have moved into other roles within the company. “The home lending displacements are the natural result of cyclical changes in the broader home lending e...
Wells Fargo will lay off 107 workers at the end of August in Des Moines, where its home mortgage division is based. It was the company's latest move in response to declining origination and refinance activity.The bank hasn’t disclosed the number of impacted mortgage staff since it began layoffs in April, but said Wednesday that 35% of them have moved into other roles within the company. “The home lending displacements are the natural result of cyclical changes in the broader home lending e...
In this article Mortgage volumes at Wells Fargo slowed further in recent weeks, leaving some workers idle and sparking concerns that the lender will need to cut more employees as the U.S. housing slump deepens. The bank had about 18,000 loans in its retail origination pipeline in the early weeks of the fourth quarter, according to people with knowledge of the company's figures. That is down as much as 90% from a year earlier, when the pandemic-fueled housing boom was in full swing, said the peop...
In this article Mortgage volumes at Wells Fargo slowed further in recent weeks, leaving some workers idle and sparking concerns that the lender will need to cut more employees as the U.S. housing slump deepens. The bank had about 18,000 loans in its retail origination pipeline in the early weeks of the fourth quarter, according to people with knowledge of the company's figures. That is down as much as 90% from a year earlier, when the pandemic-fueled housing boom was in full swing, said the peop...
