why do we always have to suffer first?
15 replies (most recent on top)
HM does always get the short end. They should can some of these change delivery teams and let the lob run their procedures again. Dont get me started on risk. overpaid drama queens. and what do they keep us from anyway? there are a million of them and we r still getting in trouble. how did they not know we were deferring mortgages without being requested? Since all these managers and sr leaders created this branch scandal....lets just stop having branches. 95% mobile with 1 branch in town for cashiers cks, etc. You may laugh but usaa doesnt have a single branch anywhere but San Antonio and they are awesome. They give me $ if i use an atm that isnt theres bc they also dont have atms anywhere. if we cant be good then we should just copy a model that wks.
Seems like another fake news
The specific dept/team/group please. That lets everyone know where the next domino will fall.
When you say the below you may need to cut since most can’t qualify...
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings
https://www.google.com/amp/s/www.cnbc.com/amp/2020/07/09/wells-fargo-mortgages-bank-tells-new-clients-they-need-1-million-to-qualify-for-jumbo-refi.html
It’s been several years now - but I had a friend, fresh out of college, who got a job processing the paperwork for home mortgages for WFC in Des Moines. He said it was 100% a sweat shop, some crazy number of pieces of paper had to be processed every hour. You had to turn over your phone when you arrived at work, and employees were encouraged to wear ear buds so they wouldn’t spend time talking to each other. I don’t know if it’s still the same but he said WFC was so proud of the department being set up under some Japanese efficiency model. Total misery.
So- I’ve always had empathy for the people who work in that division. Agree with @mws that the business is too cyclical: feast or famine. Best of luck to you.
I have not heard anything about planned layoffs in the Home Mortgage department. It seems likely the company will need many more employees working in the Default Servicing department.
I am in mortgage and getting offers thrown at me left and right from other companies, but I haven't been laid off. The market isn't slow right now, Wells Fargo just can't operate efficiently. Anyone in mortgage dept should know this. Other companies are ready to hire remote workers so anyone getting laid off in mortgage should be alright, lots of work out there right now.
Has mortgage department been expressly told they were being laid off?
Mortgages have been so up and down. I am sorry for those in mortgages. WHen things are great it is great. With rates so low there just isn't that much money in it especially with so many competitors doing it for low to no fee
I honestly don’t know why people do mortgages with WF.. Our prices are higher than almost anyone, we are slower, and the process is so painful. Remember when we could have the employee discount of getting closing cost paid on the mortgage the only? Now we get .00000008 percent discount because “We are in this together.”
I guess they’re laying all the mortgage guys off while nearly the entire home equity dept is getting cross-trained for mortgage. This may be a good thing if you survive this round of layoffs since they’ll just pull home equity processors into mortgage when the housing market spikes.
Meanwhile what’s left of home equity right now is a sh*tshow (this is more to vent frustrations and not so much related to the OP). I almost wish I was laid off instead. When they announced they’re no longer taking home equity apps we actually got an influx of files that HMCs submitted last minute which we’ve had to process as normal. Except with home equity going to mortgage training in waves by location/team so many files had to be reassigned multiple times to multiple underwriters and processors. These applications are complete horror shows and I have to stop myself from agreeing with my customers when they complain about how incompetent WF is. I almost think it would’ve been kinder to customers to just cancel all the applications that weren’t ready to close by 4/30 instead of making them suffer through this... but hey Wells gotta make that $$$.
Shout out to all the folks in CCRG who are basically getting assigned to all the leftover home equity files lol
Home lending has always been a cyclical business. When interest rates go down, home buying and refinancing go up. When the economy slows down, so does the mortgage business. When home buying picks up again mortgage lenders will be scrambling to hire people. That's just how it goes.
How many go bye, and when does it take effect?
Has home mortgage been told directly they are going through layoffs then?
It flushes out the pain and enables us all to make better decisions in the future. It will do the same for WELLS later.
On the serious side it seems to have put a damper on everything for my team. Who wants to do more ? Be excited about a new project? Go through reviews? Etc. It’s like a giant black cloud just hanging over us all and tormenting is with Thunder a lightening, knowing the storm is soon to hit.
Let’s just hurry up and get this over.