The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

A real estate professor weighs in on the future of MLSs

According to research done by Sonia Gilbukh, a real estate professor at Baruch College, there are some reasons to be concerned about the current number of real estate agents and the future of MLSs.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.


Wells Fargo lays off 63 mortgage employees in Maryland

Second round of layoffs announced this month

Wells Fargo announced its Frederick, Maryland office will lose 63 mortgage employees by Aug. 19, according to an article written by Holden Wilen for Baltimore Business Journal.

Bank spokeswoman Christina Carmichael claims the decision was motivated by market conditions and consumer needs and will allow Wells Fargo “to better align with current volumes,” according to Wilen's reporting.

From the article:

"At this time, we do not have plans for any additional layoffs in Maryland, but we are constantly evaluating customer needs, market factors, economic trends and competitor actions and this process leads to both expansion and reductions," Carmichael said.

Wells Fargo is Greater Baltimore's fourth-largest bank with $7.2 billion in local deposits as June 2017, according to the Federal Deposit Insurance Corp.

Wells Fargo has plans to reduce its retail bank branches by about 5,000 by the end of 2020 through consolidations and divestitures, and has announced the layoffs of employees in a couple of locations. 

This isn't the first round of layoffs for the big bank's mortgage business either. Earlier this month, Wells Fargo announced its Fort Mill, North Carolina-based mortgage office will lose 100 employees. However, employees will be eligible for pay and benefits through Aug. 19.

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So far this year, every existing home sales print has been higher in 2021 than the closing level of sales in 2020, which was 5,640,000. Even with the unhealthy home price gains that we have seen in the last two years, more Americans have bought homes with mortgages in 2020 and 2021 than any single year from 2008-2019, and this looks perfectly normal with our current demographics. HW+ Premium Content

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