The sharp rise in long-term interest rates since April -- as the market has anticipated an eventual tapering of "QE3" bond purchases by the Federal Reserve -- has led to a sharp drop in mortgage refinance applications and overall mortgage lending volume across the industry.
Wells Fargo continued to lay off employees and cut an additional 1,800 employees in mortgage production, bringing the overall count to 4,800 in the third quarter.Sponsor Content
Wells Fargo to cut 1,000 mortgage production employees
Brings total 3Q layoff count to 4,800 positions
Source: The Street