I heard there were layoffs today in Consumer Direct mortgage sales. Anyone know how many and where? Also heard more processors/ HLPs were moved to a new department. I'm surprised nothing has been posted on here about it yet. Anyone know more about it?
5 replies (most recent on top)
May will be a blood bath for cuts. Looks for contractors and SOWs going first in tech.
Managers are nothing more than liars.
WFHM Dept: 5/5/22: I was told on call that 3 LM and their 35 mortgage underwriters were being moved to a 24 month project. My manager also told me 85 mortgage processors and their managers were also moved to that 24 month project. I did not hear of any layoffs on 5/5/22.
Yup, I had a similar experience at a smaller company....
We were told that some of us would have our last day that week, while others would be remaining until the end of the month
Next day, we come in, and many of us are informed by HR that we aren't having our last day at the end of the week, but that MORNING would be it....
Which turned out to be fine, because they did pay us until the end of the week, but still, it was misleading - like they were trying to cushion us from the shock or something....
My manager was telling me to work our workload the best as I could (so I thought I was part of the group that was staying until the end of week, or the group staying until the following month) - while my colleagues were simultaneously being told that their access was being cut off that morning... but my call from HR was soon to come.....and that morning was my last morning!
The past generation's social contract of loyalty is GONE- Business has turned cold... Any feelings of loyalty and such...."We're a family"? Nope. Never. Only exception I can possibly see is unless you're in a highly unionized job or government position where there's built-in security & perhaps the ability to strike.
Because when the budget calls for it, and you're eliminated, that's it. You're a number.
It's sad but totally true that you have to look out for YOURSELF in this climate.
Better offer? Better job? Take it. Look out for your own interests.
Don't be unethical. Don't steal, cheat, or lie. Have integrity.
But know that the rules HAVE changed. It's each man or woman for themselves.
I'm glad I got laid off! I can now pursue a career change that I'd wanted for a while, but it was never practical. Never saw a way before.
I know of between 100 and 200 in mtg were let go today, 5/5. There may have been others in different departments and areas.
It's unfortunate that Team Members are given no advance notice and come to work only to be told that their access to the WF network will be turned off in the afternoon, goodbye... Oh, right, we are not TEAM members anymore. "Our people are our greatest asset." NOT. I know that mortgage business is cyclical and the rising interest rates will continue to hit the mortgage business, but I hate to see people treated poorly when they are let go. The process sits badly with those of us left behind. Morale? what's that?