Just got the confidential meeting invite. Mortgage closer outside of a hub. 2 other closers affected.
42 replies (most recent on top)
Chainsaw Charlie has struck again. What a bloodbath. Not much left of mortgage. RIP.
In the aftermath it’s becoming clearer that there were massive displacements throughout the mortgage division yesterday. Processing, Closing & Underwriting were all impacted….although looks as if Processing was really impacted. It fits the recent shift with a lot of processing related functions being slowly moved overseas. One has to wonder how many more rounds of layoffs can there be without being able to function as a mortgage lender. 5 rounds since last April has decimated fulfillment & only a shell of mortgage division remains. They trimmed the fat in 2022 & the cuts now are deep into the bone & marrow. How many more rounds can there be before there is not a functional unit to fulfill mortgages?
This is an HMC here. Today I found out they again cut what was left of processing in Charlotte. For the 5th time I lost another processor. My customers have no clue who has their loan. Got a vm from one that said email bounced back that she was gone. Manager is gone. Her manager is gone. sc--w this. I am taking another job with a company that has their act together with processors that are experienced. Wells Fargo has destroyed mortgage. My book of business is going with me. No way am I leaving my valuable relationships I have built here
That used to be true about the number of processors needed but not anymore since India is doing all the processors work. Processors now do nothing and with the new document review software a processors job is obsolete. Which explains why The processors left are the worst. India does it all now.
They cut underwriters, closers, processors, managers and middle managers today. I agree more to come, but they usually would have more than double the amount of processors as underwriters so I just don’t buy 309 remaining that’s incredibly low. There were 2000 underwriters 3 years ago. Still gotta be over 400.
They'll regret that decision. Tanked morale = horrible production. Sure, people will scrape along and meet the minimums so they dont get canned, but that's nothing more than a slow death of a company. Only people truly caring can save this place, and Chuckie is getting rid of those people as fast as he can. This company can have Charlie long term or we can close the doors and it's over. They can't have both.
My department in underwriting lost all of our remaining M1 managers today and several M2 managers, along with about 30% of what was left of underwriters.
Yes. 300 processors. Underwriters will take the next hit.
Ain’t no way only 300 processors left, there are still north of 300 underwriters. Maybe it’s going that way for sure but not as of today.
Heard after they finished axing everyone that we only have 300 mortgage processors left. So let’s face the truth. Wells is leaving the mortgage business. That is a terrible decision by this worthless CEO and his team of misfits. The rest of the sales team is going to your competitors. No career opportunities here
I work for n the bond processing team, and we lost an additional two processors today (one was laid off, and the other was moved to an entirely different team). We are completely overworked now, and have been since we lost 2/3’s of our team last September. We also lost some closets today as well. Either Wells Fargo corporate is anticipating an incredible slowdown in loan applications, or they just don’t give a fu-k. My bet is in the latter
So who and what is left today in Charlotte after layoffs? Not to say any of the processors left are worth anything. They took all of our seasoned smart people and left us with the crumbs. These people claim they are now overworked and can’t keep up. If anyone in senior management is reading this please bring back our processors!!!!!!
H1B visa workers are the only thing immune to layoffs I know. Because they quiet firing everyone else first.
Having an accommodation to work remote does not protect you from a layoff. Only if you are transgender are you marked safe b
@wkb+1mq7wAT8 people with accommodations are not protected from layoffs in any way. Two people laid off on my team were on short term disability- it doesn't matter.
Those with approved accommodations to work 100% remote are not at risk.
Hilarious. I got laid off 60 days ago. Went to my mailbox and there is a Wells Fargo mortgage flyer thanking me for being a Wells Fargo employee and offering me a 1000 closing credit .125 Rate reduction and dedicated support for Wells Fargo employees. Coming from mpls. Ok d-mb As$$s. Get your act together.
These are the last layoffs before the RTO mass firings begin where they won’t have to give out a severance package. You will drive to those locations 3 times a week or be terminated! Never mind begging for an accommodation or special considerations.
Recd my displacement, 1/2 of government lending cut. Wells doesn’t want to do biz with VA anymore, but don’t have the guts to come out publicly and turn their backs on nation’s veterans. Did Chuckie ever serve his country?
The games have only just begun. Wait until they start changing work locations for no other reason than getting you to quit. Oh, you don't want to switch work locations to the new hub 500 miles away? Ok, so you're resigning then? 😠
I’m thinking the reason why they are laying off employees who work GOV files is because they aren’t going to be servicing them anymore
Congrats to all let go today with a severance packages through the end of the year. Company is now understaffed for when the market and the rates come back and the rally market pops! You'll all get sizable pay increases after these mortgage companies beg you to come back. Vacation with a pay raise after? Don't threaten us with a good time!
It’s a war with Wells. Don’t surrender. If you have a considerable number of years with the company, stick it out and wait for the inevitable layoff. They want you to quit. Don’t.
Just know that you will survive this abuse. I felt like an abused partner allowing these managers to mentally torture me every day with their threats and reports. I was cut and got me it was the escape route that I was too scared to take. I am free from their mental and emotional threats. Life is too short to be miserable and letting people threaten you. There are other adventures outside of Wells Fargo. There are companies that would love to have you and appreciate our skill set as experience. I can breathe and know that I sm shutting the door of abuse and allowing the new door of opportunity to open. Wells Fargo was a horrible employer and I continuously tell everyone I know not to do business with this corrupt company. Spread the word!
How depressing to wake up every day wondering if today is the day you get cut. Is Wells Fargo really worried about our mental health? Then try and look for a job. Interbank in my state there are 22 jobs today. They don’t care if they ruin your life or not
What locations are being affected?
Just know that none of this makes sense. Charlie and his henchmen can’t get enough of axing people. Once the 5/2 crew is done being displaced the next round will be axed. This will continue until no one is left. Every 1st and 3rd Tuesday the ax will fall.
So sorry to see the talent laid off but know it is not you. It is the whole stupidity of these senior execs pulling the plug on our mortgage operations and destroying what used to be the nations number 1 lender. Guess they can’t commit fraud as easily on the mortgage side as they can on the banking side. They want to ship what remains of mortgage to india to commit international fraud. The downfall of a great company is crashing and burning.
What locations are being affected? This whole Hub cr-p is BS. Getting rid of long term good employees just because you can’t drive to their hub is disgusting. Let the processors and closers go to sales offices. God only knows we have lots of empty sales offices. They aren’t making the managers go in. These stupid operations people making these decisions who have only been around a year need to go.
I heard last week from Strategic Implementation that more were coming & would mostly impact remote as they are really gearing up for RTO in Summer/early Fall….but had no idea the next round was coming this soon.
The right decision?!?!?
It’s official we’re eliminated
They’re mostly going after remote employees
Good luck to you!
In Gov’t UW as well. Would be in a hub location if we were in the office.
People on my team got invites but I'm not impacted. I'm in MN in closing.
I got the invite- Govt UW. All of my other meetings cancelled. Guess this is it. I am not in a hub location
I closed out about 24 last month. It was my best month in a while. I’m on a team that is a hub team but me and 2 other closers on my team are located outside the hub.
Same here in Texas.
Yup.