AD

Wells Fargo confirms mortgage staff layoffs

Logo American Banker
American Banker
By Andrew Martinez

Wells Fargo confirmed Friday its laying off an undisclosed number of home lending employees due to mortgage market conditions, one week after reporting a major decline in origination volume.

AD
AD

The bank in a brief statement didnt specify which employees were affected nor the amount of staff displaced, and didnt immediately respond to follow-up questions Friday afternoon.

Its the third major mortgage player this week to announce cuts in response to sliding mortgage volumes, following embattled lender Better.com and technology firm Blend.

The home lending displacements this week are the result of cyclical changes in the broader home lending environment, the bank said in a statement. The employees affected by these changes have each been an essential part of our success. We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling.

Wells in an earnings report last week disclosed a 33% drop in origination volume, a freefall CEO Charlie Scharf said was one of the largest quarterly declines that I can remember. The banks net origination income fell to $538 million in Q1 2022 from $1.38 billion over the same period last year. While the lender reported positive servicing income compared to net loss a year earlier, its Q1 2022 mortgage banking income totalled only half the amount it made in the first quarter of last year.

Continue read on americanbanker.com

AD
Logo American Banker
Wells Fargo addressed two troubled aspects of its business on Thursday, reporting steep origination declines while also announcing plans for a special...

Logo The Business Journals
The mortgage origination market experienced one of its largest quarterly declines that I can remember, said Wells Fargo CEO Charlie Scharf.

Logo Investing.com
EconomyBy Reuters18 Apr
Reuters. FILE PHOTO: A For Sale sign is posted outside a residential home in the Queen Anne neighborhood of Seattle, Washington, U.S. May 14, 2021....

Logo American Banker
Wells Fargo missed analysts expectations on first-quarter revenue and expenses as Chief Executive Charlie Scharf continues to face challenges turning around...

Logo The New York Times
The mortgage lender Better.com announced another round of layoffs on Tuesday after cutting roughly 900 people late last year in a mass firing over Zoom that...

Logo Nasdaq
MarketsBy Zacks14 Apr
Wells Fargo s WFC first-quarter 2022 earnings per share of 88 cents surpassed the Zacks Consensus Estimate of 81 cents. However, the bottom line declined 14%...

Logo American Banker
Wells Fargo won an early round in a lawsuit accusing the bank of running a predatory mortgage lending scheme in the Atlanta area before the 2008 financial...

Logo Benzinga
ComplianceTech today announces the refresh of the Home Mortgage Disclosure Act (HMDA) data in LendingPatterns™ to include the 2021 data as published by the...

Logo Nasdaq
By Ross Kerber April 12 (Reuters) - Top proxy adviser Institutional Shareholder Services on Tuesday recommended investors cast proxy votes against the pay of...

Logo Investing.com
MarketsBy Reuters13 Apr
Reuters. FILE PHOTO: Charles Scharf, CEO, Wells Fargo speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S. October 18,...

Logo Nasdaq
Adds details on revenue, CEO statement April 14 (Reuters) - Wells Fargo & Co WFC.N reported a nearly 21% drop in first-quarter profit on Thursday, as...

Logo Benzinga
Lenders Remain Active, Become More Disciplined in Early 2022; Commercial Mortgage Rates Hold at Generational Lows as Upward Pressures Build from Inflation...

Logo EIN Presswire
MCCALL, ID, UNITED STATES, April 1, 2024 / EINPresswire.com / -- Idaho First Bank (the Bank) (OTC: IDFB) announces the expansion of their Mortgage department...

Logo Nasdaq
Image source: Getty Images When you apply for a mortgage loan with your bank, or another loan provider, it's important you go into the transaction prepared....

Logo Nasdaq
MarketsBy Zacks14 Apr
Wells Fargo (WFC) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.81 per share. This compares to earnings of...

Logo Benzinga
New Fed receives its mortgage lender approval in Missouri and is expanding mortgage originations further into the Midwest region of the United States...

Logo Benzinga
Company commits $210 million to help minority families Systemic inequities in the United States have prevented too many minority families from achieving...

Logo CNBC
In this article WFC Wells Fargo signage on May 5th, 2021 in New York City. Bill Tompkins | Michael Ochs Archives | Getty Images Wells Fargo posted...

Logo The Wall Street Journal
Mortgage credit availability, a measure of lenders willingness to issue home loans, rose in February to its highest level since last May, according to the...

Logo Investing.com
MarketsBy Reuters14 Apr
Reuters. FILE PHOTO: A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo By Sohini Podder and Elizabeth...