I ama mortgage processor in the Charlotte hub. My team was completely laid off due to this insane HUB mentality. So now the few of us left have no one left to ask for help. They laid off all of our seasoned knowledgeable workers just because they did not live 40 miles from the HUb. The managers left have no clue and do not work. So we are left swimming to try and stay afloat and are drowning. Stop and bring back our processors Venable and Baker. This was a horrible idea and our customers,Realtors builders,, HMC’s.etc are leaving to go work with our competitors. We need our processors back that can help us! Otherwise mortgage is dead and trust me. India workers are the worst!
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That’s the point - they WANT to ki-l mortgage.
It's almost like telling people to take their business elsewhere, so competent workers can service them. How is this a good idea for WF?
Maybe Charlie's real job is to shred all credibility, pi-s off the remaining customers with useless/incompetent support personnel, keep the asset cap in place and broadcast nonsense like Diversity and RTO so when he's done with WF, JPM can pick up the pieces. If this is the case, he's doing a banner job! Go Charlie! Run this place into the ground!
I am an HMC and you are dead right. We got rid of all of our great processors and now what is left is pathetic. We can’t close a loan on time and our customer service scores have tanked. Thanks Wells Fargo for destroying our business. Most of the good sales people have left. Wells Fargo is definitely pulling out of the mortgage business. And to think at one time we were the nations number one lender
Senior management in mortgage is horrible. Kristy got booted out to Diversity so now we will only do mortgages for African Americans. The rest of the sr managers from Greg baker mike Venable down ate complete buffoons. They all need to be fired
Incompetent leadership can't fix any other part of the bank either...when does it end? We either fix our S or the company fails. There are no other options, and simply closing down every part that ever had "issues" leaves you with a very fragmented business that has little value as a collective. If Shart wants to shut it all down, just do it and quit fiddle Fing around.
it’s interesting that Mortgage used to occupy both buildings, 100% , at Stateview in Fort Mill. Now they occupy one corner of 2nd floor of one building
Don’t you worry. Wells has inflated rates, stopped competitive price matches, fired all the experienced underwriters and closers, and can’t make close dates. Capacity will not be an issue anymore. Problem solved.
WF mortgage has been a hot mess since before the last financial crisis, 15 years ago. we're finally now facing that reality. Exiting everything but serving our own customers and communities is a tried and true big bank strategy of "good bank/bad bank". The garbage business is peeled off liquidated as quickly as the regulators will permit. Citi has done this with major lines of business - they call the liquidating portfolio the "legacy franchises". It's basically saying that it's so riddled with issues it cannot be fixed - only torn down.
All the jobs went to India. Those people are the d-mbest ever. Those so called accountants where they ship tax returns can’t read or figure out anything. But Charlie decided let’s build India and layoff thousands of US workers and ship all of our customers confidential information overseas and outsource jobs. I am hoping we can blast this all over the news so people are aware. We need to make America great again and keep all jobs here. We can ship Charlie and his minions to India. Let them livecand work there.
Even after the market comes back, WF will be doing a lot less mortgages. It's not a market thing, it's a "Charlie doesn't wanna do it" thing, even though we were one of the top mortgage companies in America and made many billions of dollars from it.
Mortgage is dead overall- mortgage will be a very small part of the company going forward, even a fraction of what it is now.
Don't worry, they are doing lots of hiring in India to help you keep up.
Wrong, India workers are higher skilled than you. India and China are the secret sauce of America smart.
Our competitors are actively hiring mortgage jobs. Wells Fargo is the only company laying off in masses. Charlie is the worst CEO and makes the worst decisions. Go to the competitor. They would love to have all of our employees
Didn't WF technically lose money on mortgage the last couple of years? I believe I read that in an announcement. Why would a company want to continue to lose money? Seems like smart choices. It stinks for employees but an industry that's consistently changes requires adaptation. Adaptation means a lot of cycles in hiring and layoffs
the team wasn't laid off because of "hub" strategy
The team was laid off because the mortgage industry is in the toilet, and WF has chosen to operate in an even smaller part of that than before.
Choosing who to lay off... then location might come into it. but how many... not a location issue.
Chuckles wants mortgage dead. He wants WF to be an investment company to compete with JPM and GS.
Those at the top only care about stuffing their own pockets full of cash. They don't care about anyone else or if the bank survives.
Disgusting company thank God they're doing horrible.