Posted on 04/26/2022 6:34:03 PM PDT by RomanSoldier19
Wells Fargo has begun laying off an undisclosed number of its home lending employees, little more than a week after reporting mortgage origination volume had dropped 33% year over year, the bank confirmed Friday to Business Insider and American Banker.
“The home lending displacements this week are the result of cyclical changes in the broader home lending environment,” the bank told the publications in a statement. “We are committed to retaining as many employees as possible and will do everything we can to help them identify other opportunities within Wells Fargo.”
Anonymous posts on the discussion board The Layoff indicate job cuts hit at least five markets — Phoenix; San Antonio; Minneapolis; Charlotte, North Carolina; and Des Moines, Iowa. “Processing, underwriting, and credit administration teams were notified ‘their position would be eliminated because of the changing mortgage market,’” one commenter wrote. “They were given a 2 week notice.”
(Excerpt) Read more at bankingdive.com ...
Probably a good thing for most people.
Yep, storm clouds a brewin.
yup
Better to slow it down and stop the expansion before it blows.
Back to the future, specifically 2007.
Does anyone know what ARMs are up to?
For today, April 26th, 2022, the current average mortgage rate for a 30-year fixed-rate mortgage is 5.358%, the average rate for a 15-year fixed-rate mortgage is 4.471%, and the average rate for a 5/1 adjustable-rate mortgage (ARM) is 4.230%. Rates are quoted as annual percentage rate (APR) for new purchase.
WF charges more than other competitors in closing costs even on loans they originate. They are way out of line on making home loans. Rudeness is their key fault. Their attitude is that of a used car salesman, will tell you anything to make a sale.
Home prices are not sustainable. A market correction is in order.
The drop in mortgages is overwhelmingly Refis, and the drop in purchase is in line with inventory drops. Don’t bet on any correction much less a big one
If I recall correctly, NINJA and jumbo loans have been making a comeback.
When the rates reset, people will have to choose between paying the mortgage, paying for gas to get to work, or feeding the family. There may be the jingling sound of house keys being mailed back to the lenders soon.
didn’t they get busted twice for making accounts for people without their consent or knowledge?
The costs were competitive, our rep was more than helpful and courteous, and not one item was overlooked or delayed.
We've been with them for about 20 years, and I have yet to find something about which to complain.
they knew this was coming as soon as interest rates shot up. at this point there is zero refi action so the only people who need mortgages are 2nd home buyers and buyers.
it is a cyclical business like oil. if you want guaranteed employment start your own company.
Better than the 13.75 rate I got when Jimmy Carter was in office!
This always happens when the refi market dies.
When politicians REFUSE to provide a safe environment where people live in cities/suburbs—then those persons WILL pull up stakes U move to rural areas where they feel safe.
Rural prices tend to be lower than city prices-—sell—take your profits—and buy elsewhere. Some need loans & some do not.
I know more & more people that are ‘doubling’ up households to escape the crime.
YAES
Yes
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