Rates are going up and applications tanking. Any insights? Not hearing anything from mgmt.
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Two words.... North Star....
If you haven't heard about it just wait. It'll change everything about mortgage at WF. That's at least the plan...
I’m hoping that Home Equity comes back and we can move people back over to equity. We have lost 60% of our business as a escalations rep.
@2pkn, hi Charlie!
@ 2qvu+1ggc0uA6
Cool story. I did a mtg through WF and it was a great experience. Got a great deal too.
Wells is a great bank - doesn’t get any better. Mortgage processes can’t be rough though anywhere if you have bad credit and high DTI though so I feel ya.
@2imp, I don't know who in their right mind would get a mortgage with WF. I bought a new home and one of my friends said that I must have gotten a good deal with the mortgage since I work for WF. I just laughed and looked at him and said, you know - I never once considered getting a corrupt mortgage with WF. I went with another bank from the start and never once thought I could get a good deal with WF. LOL!
When I was looking to buy a home four years ago, I reached out to WF mortgage. I was told systems were not available, could I call back later. I called later that day and was told they still were not available, try back in a day or two. I asked them to call me back when systems were back on line. I never received a call. Ended up going with RM.
You think it's bad now? Wait til the housing crisis hits it's peaks as new home construction plummets with 16' 2x6's costing $25 and it taking 4 months to get windows. Not to mention all the new id--tic requirements such as energy audits etc.
https://www.thelayoff.com/p/@rhs+1ggc0uA6 Add systems that are so user unfriendly if someone actually hire in to mortgage from the outside they’re destined to fail. Lots of good folks sitting there and hoping for a package.
Next week
@rhs+1ggc0uA6
Add fragmented platforms to that - they have lots of issues with those. The bank has many different apps that do pretty much the same thing and overlap, but everyone wants their own app for their LOB. They need to standardize on one set of tools across the bank in all LOBs. It would reduce the amount of time it takes to cross train for moving to another LOB, reduce the app support needed, and increase the workflow on the development side too when everything is being done the same way using the same tools.
@kgr
It's not that they have too many processes. Its that the majority are updating constantly and their updates are sent out via email, not by changing SOP. The SOP rarely changes so you have to keep track of multiple weekly email updates. Missing one and doing something wrong can get you a pretty big dent in your performance review.
I'm not in Mortgage, but I know external people who have to deal with them. They kinda groan when they have to work with WF Mortgage and they all say the same thing. "WF Mortgage is really hard to work with".
Not the fault of the team members who work there who I'm sure are stuck in a quicksand of ancient processes.
Just from hearing this so often I would think that mortgage business would choose to go elsewhere. Assuming they have a choice.
They are having trouble filling verifications jobs and apps are plentiful but backed up. They are currently moving people from other LOBs into mortgage spots because of this. Other LOBs are adding to their verifications groups too.
But there is a looming underwriting shift coming where AI will be taking over the majority of underwriting, forcing displacements there. They are already training it, most don’t know it or don’t want to admit it.
Refinance volume is down 60 percent from this time last year. The entire industry will have to right size operations. When volume falls this much layoffs will follow.
Dont think so, there is a huge shortage of homes in most areas of the country; cant see that happening anytime soon. Even if rates are high, the inventory is low and homes are still flying off the market.
Supply and Demand
I’m sure they are coming soon. However I do not have any direct knowledge, only makes sense though. Of course we are talking about Wells Fargo though.