I worked in auto as an underwriter and just received a phone call today that I've been laid off.
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85% is not correct, lower
Auto lost so many talented underwriters today. I know of several underwriters who consistently out-performed many senior underwriters in all metrics they are graded upon - application decisions per hour, approval and counteroffer ratios, time to decision an application, dollars booked, staying clean in the multiple audits they have. Several senior underwriters on performance plans due to failed audits...does not sound like much thought was put into the decision other than getting rid of juniors. yet another knee-jerk reaction with no basis nor foundation due to some risk tightening measures currently in play and soon to come. Not enough incoming applications with their system making a lending decision on what I heard nearly 80% and soon to push 90% to go around with something like 280 junior and seniors fighting to underwrite an app. So many dedicated workers gone just like that. should have been looked at with an eye toward non-performers regardless of being junior or senior. Feels so wrong.
I'm so sorry. Many of us have been there, and it svcks. I hope you find a better company/role soon and can put this dumpster fire behind you. You deserve better.
Wells officially just laid off 78% of auto underwriters all while having a ground braking ceremony in TX with the governor and Wells CEO. 1 billion $ buildings and room for 5k employees, set to open in 2024. They plan to rehire and offer way less vs. the laid off staff… Well played Wells…. Smh
"As of 4/27 any auto loans greater than 110% loan-to-value.."
Stupid to ever offer loans for greater than value of a rapidly depreciating asset.
Wells Fargo laying off all junior Auto underwriting staff.
As of 4/27 any auto loans greater than 110% loan-to-value and 15% payment-to-income will be declined.
They informed me of the 60 day non working pay... Unsure what the severance is yet. They said everything would be emailed. I'm definitely not upset. It's the best thing this company has ever done for me!
Was it the general 60 day non working notice with two weeks for every year after. I’m at 14 years. I would LOVE that!
With the downturn in auto lending due to supply chain shortages, it makes sense. Patiently waiting my turn in call monitoring. No loans means no calls. It’s a slow drip to my end of things in Auto. Fingers crossed for you. I’m not sure this was what you wanted, but it’s what a lot of us need and crave. It’s freedom and a chance at something better. Chin up!👏🏼👏🏼👏🏼👏🏼
Congrats. What was your severance?