| inbluevt | Date: Thursday, 2013/08/22, 11:16 AM | Message # 1 | DMCA |
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Wells Fargo and Company (WFC) the biggest U.S.home lender, will eliminate 2,300 jobs in mortgage production
because demand for refinancings has slumped and probably will drop even more as interest rates rise.
Other smaller cuts had been made in the past few weeksaround the country, according to people with knowledge of the matter, who requested anonymity because the changes haven’t been publicly disclosed. The reductions would equal about 20 percent of the 11,406 mortgage loan officers employed by the bank as of March 31. Wells Fargo has said mortgage lending will slow for the rest of this year as higher interest rates make refinancing less
attractive.
Those loans, which made up 70 percent of the mortgage market during the first half, slid to about 50 percent
of applications recently and could fall further in coming months, Franklin Codel, head of mortgage production for the San Francisco-based bank, said in a memo to staff yesterday.
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Message edited by inbluevt - Thursday, 2013/08/22, 11:17 AM |
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