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Wells Fargo Cuts Another 1800 Jobs From the Mortgage Division

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Industry Observer TN LIC# 290452

Wells Fargo & Co. announced that it's laying off more than 1,800 employees from its mortgage dvision.

The bank just cut almost 2,300 jobs from the division back in August.

Wells Fargo spokesman Alfredo Padillo said that the bank is cutting the mortgage department jobs because not many people are refinancing their mortgages.

 

The job cuts will occur throughout the nation.

Reuters

All of the employees impacted by the decision have been given 60 days notice.

The bank is looking for other positions for some of the employess affected by the cuts.

The California-based company is the nation’s second-largest bank by deposits in the nation.

Wells Fargo is the largest originator of residential mortgages in the nation.

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Comments (4)

Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

Funny what happens when the rates begin to rise. Feel sorry for these people.  It is a tough world out there.

Sep 22, 2013 12:11 PM
Nick T Pappas
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource
David, I can't help thinking that maybe poor service and a general lack of concern for the consumer had something to do with this.
Sep 22, 2013 12:45 PM
David Saks
Memphis, TN
Broker / Industry Analyst

Bill, it's more than a rate thing.The rise was inevitable.

The secondary market took a big hit from subprime fallout.

Hence, fewer bogus loan products to hustle.

Sep 22, 2013 02:39 PM
David Saks
Memphis, TN
Broker / Industry Analyst

Nick, I remember this little press release from HUD on June 6, 2013:

"....Wells Fargo has committed to invest a total of $39 million in 45 communities across the country through various programs to support home ownership, neighborhood stabilization, property rehabilitation and housing development."

http://activerain.com/blogsview/3749635/hud-announces-resolution-of-reo-issues-with-wells-fargo-

Where did the Wells Fargo employees think Wells Fargo, Co. was going to come up with all that loot for HUD revitalization efforts ?

At an average salary of $22,000 a year per employee, times 1800, you'll see where the 39 million bucks came from.

If you add the 2300 they threw in the streets in August you have 4100 gone from their employment roles.

The new math is $9500 bucks per total victim savings in order to do the deal with HUD.

Dirty son of a bitches.

I wonder who got to stay out of prison ?

Maybe some brave whistleblower in LO, that got the pink slip in this last round of terminations, will come forward and finger the slime.

Sep 22, 2013 02:56 PM