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Mortgage

Wells Fargo cutting 1,000 mortgage servicing jobs

Will shutter Milwaukee office by July

Wells Fargo (WFC) is cutting about 1,000 jobs at its mortgage servicing office in Milwaukee and shuttering the servicing offices there.

The move comes as the largest mortgage lender and servicer bank saw sharp reductions in delinquencies and troubled mortgages.

The location will be closed by mid-summer, and some of the staff there will be relocated to other functions in the company.

This cut represents a small portion of the bank’s employee base, which is roughly 265,000 in total, according to its last SEC filing in December.

According to Wells Fargo’s latest earnings statement, the banking giant has a residential mortgage servicing portfolio of $1.8 trillion; with a ratio of MSRs to related loans serviced for others of 75 basis points in 2014’s fourth quarter, compared with 82 basis points in prior quarter.

The steady improvement in legacy mortgage performance also led to recent job cuts at Bank of America (BAC).

In February, Bank of America laid off 116 employees from its legacy servicing division.

Over the past six months, the mega bank has announced a slew of layoffs, mostly recently cutting 250 mortgage and technology workers in Charlotte, North Carolina.

At the beginning of this month, the bank announced it was laying off 202 employees from its Norfolk, Virginia legacy asset servicing unit as it scales back its staff to “normal levels.”

In October, HousingWire reported that BofA laid off 187 employees from its Plano, Texas, offices.

When contacted about those layoffs, BofA spokesperson Jumana Bauwens told HousingWire that the bank has made “significant progress” in helping delinquent homeowners.

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