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Wells Fargo axes 700 mortgage employees

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Mortgage Professional America | 28 Feb 2014, 06:06 AM Agree 0
Once again, a big bank is giving mortgage employees the ax. Wells Fargo has announced that it’s cutting 700 mortgage employees as demand for home mortgages continues to shrink
  • S. Felt | | 28 Feb 2014, 12:07 PM Agree 0
    With the rollercoaster hiring and firing at the big banks in their mortgage departments it makes me wonder why so many people would go to work there instead of a small banker or broker. Brokers made up a large percentage of originations prior to the collapse in 2006-08 and we need to go back to dominating the marketplace once again.
  • Cheryl M | | 28 Feb 2014, 12:15 PM Agree 0
    S Felt, because they can not get licensed through NMLS for one reason or another...felonys, can't pass test, etc....
  • Stephen D | | 28 Feb 2014, 12:34 PM Agree 0
    S Felt, it is easier to wait to for the people to just walk in the door or call eager to give you business than having to work leads and make mortgages. Everyday I get people who tell me how horrible their experience was with as big bank, but they still go there because they think they should.
  • IrvineMichele | | 28 Feb 2014, 12:56 PM Agree 0
    It's generally harder to get hired @ Banks vs. Broker-owned shops because of the extensive background checks & drug-testing and the hiring/laying off is pretty much the norm in smaller companies now too. Maybe even worse because small shops don't have deep pockets. If you want job stability - switch careers!
  • John | | 28 Feb 2014, 01:24 PM Agree 0
    I have been a mortgage mortgage officer for over 20 years, switch careers is not an options for some people. No one really feels for the poor mortgage officer who is commissions only and get very little for all the mortgages we close. We cannot collect 6% like Realtors. For this reason we should be paid a salary just like other bank employees.
  • S. Felt | | 28 Feb 2014, 02:18 PM Agree 0
    I average 5% on my mortgages but I'm a broker and don't do primary homes. Only commercial and investment homes. Realtors have to share the 6% with the buyers agent and their agency and most agents I know make far less than mortgage officers and do way more work. Don't be jealous of agents.
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