Mortgage

Wells Fargo lays off 182 mortgage team members

Adjusts to fit industry needs

Wells Fargo (WFC) laid off 182 mortgage team members in Raleigh, North Carolina, on Wednesday, giving them a 60-day notice, the company said in a statement.

“We are committed to retaining as many team members as we can, and where possible, we are working to identify other opportunities within Wells Fargo for affected team members,” a spokesperson for Wells Fargo said.

As for the reason behind the layoffs, the spokesperson said, “We continue to recalibrate our business to meet customer needs in today’s changing market – and to ensure we’re operating as efficiently and effectively as possible.”

In other mortgage news for the lender, Wells Fargo announced back in August that it stopped offering closed-end home equity loans in light of the upcoming TILA-RESPA Integrated Disclosure Rule taking effect on Oct. 3.  

“Because closed-end loans were a small percentage of our overall home equity volume, we chose to focus on our line-of-credit offering and not to expend the resources required to retool our closed-end home equity disclosures to meet the new TRID regulations,” said Kelly Kockos, SVP, Home Equity Product Manager, Wells Fargo.

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