https://www.cnbc.com/2022/11/02/wells-fargo-mortgage-staff-brace-for-layoffs-as-us-loan-volumes-collapse.html
10 replies (most recent on top)
CNBC easily took the bait offered by Wells and very happily got the scoop out. Paves the way for big layoffs. Along with the direct mortgage layoffs you could knock off another 5K affiliated personnel.
Chainsaw is going to get his wish!!!
I think they want to get out of the mortgage origination business. They'll probably still buy paper
Will mortgage servicing area fare better? Not depending on new mortgage business
I will never understand why WF decided to give up on home mortgages. Done well it was a cash cow. Get paid upfront of fees to create the loan, and then get paid to take the loans and sell them to Fannie and Freddie. Our loan capital markets in the mid 2010s was making gobs of money every quarter.
First Union had to sell its credit card portfolio to cover some huge losses in the late 90s, and never ever got that business back.
The entire Mortgage industry is collapsing, its not just WF
If you didn't expect it at some point, that's on you. There was no way real estate could sustain the stupid upward trend it was on.
Hello severance and unemployment!!! Just in time for my lease to end so I can become a flight attendant.
I would think this applies to the entire industry, not just WF
- Mortgage volumes at Wells Fargo slowed further in recent weeks, leaving some workers idle and sparking concerns that the lender will need to cut more employees as the U.S. housing slump deepens.
- The bank had about 18,000 loans in its retail origination pipeline in the early weeks of the fourth quarter, according to people with knowledge of the company’s figures. That is down as much as 90% from a year earlier, when the pandemic-fueled housing bo-m was in full swing, said the people.
- Employees are on edge after the bank began cutting workers in April and internal projections point to more departures.