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.