I've heard more is coming soon. Is this true?
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@eyi+ and they are currently spending more on new Northstar project to replace it.
I was really surprised when Charlie discontinued HELOC's at WF!!
Is water wet?
How about mortgage servicing rights?
Are areas in mortgage servicing rights immune to layoff and housing market slow down?
Just about every bank is laying off Mortgage workers. Escpecially with that .75 rate hike coming up this week
If that's the plan he's truly an id--t. I can understand wanting to grow other parts of the business such that mortgage becomes a smaller % of the company's assets, but reducing mortgage "just because" to get that balance is throwing away money. You know how we make billions every quarter? Home loans are a big reason why.
Charlie has said many times that WF will NOT be a mortgage leader in the future, that we have tied too much of our company to mortgage lending and we will be backing out of this market. They have also spent billions in the creation of the CORE system, they will never abandon that endeavor no matter how much of an elephant it is.
You have to ask why the he-l WFC did not just outright buy Rocket Mortgage...
We should ask around in mort who wants to build the lender of the future. Layoff everyone else, then rebuild it from the ground up with lots of automation etc. Rocket mortgage has done it, we can to and during a down market it's the perfect time. Get lean, build a better system so when the market comes back you're ready to loan tons of $.
Wouldn’t it be cheaper to lay off than trying to get people to quit by forcing RTO? There are many of us who will gladly volunteer!
If I was in any lending dept (home or auto) I would be expecting cuts. Even the head of home lending just jumped to DE&I.
How could it not be true? Have you seen what's going on in the housing market?
When I say soon I mean as in this month.