Items Tagged with 'Wells Fargo Mortgage'

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  • Wells Fargo to begin buying eNotes

    Digital mortgage revolution takes big step forward
    Wells Fargo, which began accepting digital mortgage applications earlier this year, is about to take an even bigger step into digital mortgages, as the megabank announced Monday morning that it is going to begin buying eNotes (electronic promissory notes). To facilitate this expansion of its mortgage business, Wells Fargo is partnering with eOriginal, a digital solution provider for the mortgage industry and a HousingWire Magazine Tech100 winner in 2018.
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  • Wells Fargo mortgage originations tumble amid rising interest rates

    Mortgage banking income on the rise, despite declining originations
    As interest rates have risen over the last several months, mortgage originations appear to be trending down, especially in the refinance space. Wells Fargo reported Friday that it originated $46 billion in mortgages in the third quarter, which is down 22% from last year’s total of $59 billion during the same time period.
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  • Wells Fargo is back in the mortgage securitization business

    Prepares to issue first securitization since the housing crisis
    Once an absolute giant in the mortgage securitization space, Wells Fargo has been noticeably absent from the list of issuers since the housing crisis, but that’s all about to change. The lender is preparing to issue its first mortgage-backed securitization since the meltdown, and unlike its past securitizations, this one is backed by the highest of high-quality loans.
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  • Wells Fargo expects to cut as many as 26,500 jobs in the next 3 years

    Company reveals planned headcount reduction of between 5%-10%
    It’s been a rough few years for Wells Fargo and the next few years won’t be much better, for as many as 26,500 of the bank’s employees. That’s because the bank announced Thursday that it expects to see a reduction in headcount of as much as 10% of the company’s workforce in the next three years. The company currently has approximately 265,000 employees, meaning as many as 26,500 could be out of a job by 2021.
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  • Wells Fargo to lay off 638 mortgage lending employees

    Layoffs impact employees in four states
    According to a recent report, Wells Fargo announced this week it will lay off 638 of its mortgage lending professionals in California, Colorado, Florida and North Carolina. The big bank said it is attributing the layoffs to market changes.
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  • Jeff Smith picked to lead Wells Fargo home lending servicing

    The industry veteran will oversee the big bank's servicing business
    “Our servicing team plays a critical role in helping our customers through their homeownership journey, and Jeff is uniquely qualified to build on the momentum and solid foundation that is already in place,” said Michael DeVito, head of Wells Fargo's home lending business.
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  • Wells Fargo lays off 100 mortgage employees in North Carolina

    Bank seeks to better align current volumes
    Wells Fargo announced its Fort Mill, North Carolina-based mortgage office will lose 100 employees, according to an article written by Caroline Hudson for Charlotte Business Journal. The report says the bank is claiming that "market changes" and an effort to "to better align with current volumes" motivated the layoffs.
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