The town hall meeting today contained the ominous words, "we are working to decision people before they even apply." They continued to talk about how they are working to further automate their processes.
What does this mean for underwriters? This sounds like the people who work in lending are in serious trouble. WTH is going on!
WF is antiquated by two decades - what we are trying to achieve is not novel, just catch up with industry.
No worries. We’ll find out in 4 or 5 years when we’re in the news again and paying a few $hundred thousand in penalties.
lenders have been decisioning people before they apply for years it's called a pre-approved offer, nothing new. if you have good credit chances are there are multiple offers sitting in your mailbox now
Automated underwriting in mortgage lending has been around a long time. Wells Fargo and others have been working to separate, transfer, and remove tasks from mortgage lending positions for a while, too. So additional emphasis on increasing the ability to decision applications earlier is no surprise in this space. I think the mortgage industry as a whole is looking for ways to reduce the need for people and automate everything it can.
Its more abiut using information they already know about a customer. I cant imagine this would be the case with prospects
What ever is happening must not be happening in consumer cards. They have been hiring a lot of people including underwriters.
what kind of lending are we talking about, home? small business? all of the above? I don't know how people work in the home lending end of things, it's such a roller coaster and always has been. Total boom/bust industry and not just at WF.
I would imagine regulators would be interested in the idea that lending decisions would be made before customers apply. Perhaps those with knowledge of the details should share it with the new Treasury Secretary’s office. Since she imposed the asset cap, I’m betting they’d be interested in anything unseemly that employees find out about.
Everything that comes from upper management is ominous words, and indirect messages. Which basically equate to they are cutting us
A word of advice from someone high enough to know:
Get out while you can. It is going to be very ugly.