Posted by Shoshana/AZ on 8/22/13 11:32pm
Msg #481616

I heard tonight that Wells Fargo laid off 3700 people from

the mortgage dept.

Reply by Ilene C. Seidel on 8/23/13 12:39am
Msg #481619

Wow! Then if the rates go down again there will not be enough people to handle the load. Good Job

Reply by Marian_in_CA on 8/23/13 12:41am
Msg #481620

True... they were given notice yesterday ... 20% cut

Link: http://www.bloomberg.com/news/2013-08-21/wells-fargo-said-to-eliminate-2-300-mortgage-jobs.html

From what I read about it today, and it noted in the article... the employees were given 60 days notice, and WF is trying to reassign as many of them as possible, if possible, to other positions in the company.

The 60 days notice makes sense... they'll be kept on to cover the existing lag, but then they won't have more work for them. I find that a little interesting, though, given how we, as notaries, tend to come in at the end of that process and many of us have already noted a drastic drop off.

Additional link: http://www.huffingtonpost.com/2013/08/21/wells-fargo-jobs-cut_n_3792584.html

Reply by Larry/IL on 8/23/13 8:31am
Msg #481634

Home-refinancing applications plunge 62%

Home-refinancing applications plunge 62% since May, mortgage bankers say.

http://blogs.marketwatch.com/capitolreport/2013/08/21/home-refinancing-applications-plunge-62-since-may-mortgage-bankers-say/

Reply by Alz on 8/23/13 12:03pm
Msg #481652

Some of the people that I was

familiar with are showing up at other institutions. I suppose they left prior to the announcements.

Reply by 101livescan on 8/24/13 8:33am
Msg #481719

Re: Some of the people that I was

Over the past several months, I've observed many LOs from traditional banks moving to private mortgage lending offices. They saw it coming.