Are there layoffs in mortgage origination?
9 replies (most recent on top)
I am seeing lots of "retirements from talented long term team mates" Has heard office rumors in the Mortgage side, know originations are clearly way down, especially affecting our Phone Loan Officers (Direct). I am in a critical Mortgage Training and support position. I saw earlier posts about June 30......I am going to hang in here and hope I am not part of the fall out. But if Originations slow down, the bank has a duty to shareholders to reduce excess cost ( mortgage team mates) So I am uneasy but will ride it out.
As @8xrt+1gtuz6mO mentioned below, I love how they say “hang with us”, and yet the very second eliminating one of us benefits them by one nickel we are gone.
My issue with Truist isn’t over the botched merger - it is the arrogant, entitled management team that views the “little people” who are keeping this bank afloat as absolute trash. How can you stay at an organization when you want your executive team to fail so badly…
Truist can’t get out of there own way . Layoffs are coming as numbers are really low on the mortgage side. If you don’t have a builder account that was given to certain people you will not survive. When rates were at the lowest levels in history they cut off refinances - not sure why anyone would stay at this company. Everything is delayed but they keep saying hang with us. What a joke
@5tza+1gtuz6mO has stated this situation perfectly. Putting paint on a pig doesn’t change the fact it’s a pig. Acquiring Long Game yesterday to try and upgrade online banking to the younger generation is another stab in the dark. Good luck to all you left at SunTruist. Remember if you’re hbbt you still have a target on your back.
As someone rightfully pointed out, both legacy banks were woefully positioned to deal with the ramp-up in online banking.
Instead of each merging with a fintech, the two floundering organizations made the brilliant decision to merge with each other. Now, it is analogous to being in a boat race - while bigger, Truist is an antiquated tug boat (with a disillusioned crew) trying to compete with modern speedboats.
As banking is being revolutionized, I ask you to go listen to our earnings call. Executives in my opinion are simply painting racing stripes on their tug boat, hoping analysts are fooled by the shiny purple paint job and will allow them to keep milking the cow a while longer. It is going to get worse before this strategic mishap plays itself out, and I don’t see how anyone but the employees will pay the price.
The mortgage game has changed dramatically in the last 10 years and Truist, like many old school "neighborhood" banks are woefully in the past. Walking into a local bank and getting a mortgage died with the Travel Agent. When's the last time you used one of those?
It's all online, is completely automated and is 25% cheaper. You only see a human when they come to your house to help you sign paperwork at the closing. Takes 25 minutes.
They still have not come through on the promised billions in savings (aka job cuts). Get ready. If you have not found your way out yet, Beau and Donta will help you by mid-June.
Have a Great Summer!
On another note, the stock has lost 30% of its value in 3 months time. If there’s one thing you can count on it’s layoffs when stock values are tanking. Got to try and pump up that price.
The one thing you can count on in financial institutions as interest rates rise is a reduction in people working in the mortgage areas. Less originations, less people needed.