Wells Fargo Cutting Jobs; Consumer Credit; SAFE Act Resource; M.I. Update; Manufactured Housing Lenders
ByPosted To: Pipeline Press
"I don't want to brag or make anybody jealous or anything, but I can still fit into the earrings I wore in high school"…so I overheard at a dinner last night. But most change is inevitable, especially if you're in mortgage banking. Just ask the folks at "the Coach" – Wells is closing more than 600 Wells Fargo Financial offices, cutting 3-4k employees, and will no longer originate non-prime mortgages . The bank said the Wells Fargo Financial offices are no longer necessary after its 2008 acquisition of Wachovia Corp and it will offer mortgage services through its other banking locations. Wells Fargo will cut about 2,800 employees in the next 60 days from its 14,000-person Wells Fargo Financial unit and it will likely cut a further 1,000 in the next 12 months, the…(read more)