5 underwriters in the group I'm in were let go, 1 supervisor and one closer (Retail). That is just the group I was in to be let go. Myself included. All remote.
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From the 5 I know of they were all remote.
60 people were laid off in STL mortgage. Underwriters and processors. I was one of them.
Sales? U.S. Bank shutting down mortgage? You only cut sales for underperformers.
Today's layoffs included processors and underwriters. My understanding is that many of those impacted were remote employees outside of hub locations. There was no apparent option to transfer or relocate; their roles were eliminated. More cuts could be ahead as rates remain high and the bank navigates its transition to a Category II bank.
There were 119 Retail Mortgage Operations positions eliminated. 62 of them in Cincinnati.
It SU-KS if you work in mortgage, but let's acknowledge the obvious: mortgage origination volumes are way down and there is near zero refinance activity across the industry because of our current high interest rate environment. So yes, all lending businesses have to downsize when volume drops and rehire when volumes return. It's like a rollercoaster if you work in this field but it will always be this way.
@ex You sound disappointed LOL! Maybe there is no one left to layoff?
Anyone in WCIB operations got laid off? There's aways laid off in WCIB operations, surprised no one has been laid off
It’s not just Mortgage. Seems this is bank wide. Just not enough to do a WARNotice.
The 1% just are not rich enough.
Retail OPS processing lost people. Over half my team and boss were unfortunately cut. Also lots of UW’s too.
What department got laid off?
@em we KEEP ASKING WHAT DEPARTMENT??? I guess I don't get why people can't state where???
all the above
I got laid off today. Watch out everyone. Big changes coming.
@ed what department?
Laid off this morning in what dept?
@ea I know 3 people that got laid off this morning already.
WHEN IS THE DATE? THE CALL?
Shocking
@bc Don't feed the trolls
@ak all? Depts or the whole division... how big is this layoff?
@a8 all
I had a feeling.
What parts of mortgage? Sales? Processing? Underwriting? Govt? Retail? Wealth? Give some useful information.
I don't know what to do with all this detailed information you just gave us all!