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Thousands get the axe as mortgage layoffs continue

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Mortgage Professional America | 22 Aug 2013, 06:29 AM Agree 0
The nation’s biggest home lender is cutting thousands of jobs from its mortgage production division in a new round of layoffs
  • Dominick F. Sammarone | | 22 Aug 2013, 10:16 AM Agree 0
    It doesn't appear to be a Real Estate Boom currently or in the near future with these MASS LAYOFFS. A lot of planning and projection studies go into these layoffs due to market contractions and projections. Remember, half the industry was "crushed and eliminated" in the 2008 crash. Only the "BIG" banks are left. It aint looking' good kids...
  • Bayview Mortgage Inc | | 22 Aug 2013, 10:26 AM Agree 0
    This means rates are coming down. Wellsfargo is always a day late and a dollar short on all its decisions. Its surprising Wellsfargo makes any money. they unload people. then rates drop so they hire people back. but by that time, its too late. They are probably going to just rely on all the other lenders to supply wellsfargo with their business.
  • Scruff | | 22 Aug 2013, 11:55 AM Agree 0
    Wells is a disaster. It is looking great for non-bank correspondent lenders. Wells is big, dumb and slow. We are able to hire great candidates now that there wre layofs. I disagree with the idea that it is a "BIG" bank world.
  • William L. Skufca | | 22 Aug 2013, 12:25 PM Agree 0
    We have success when we added all types of Mortgages to our portfolio. And offer personal service ( face to face contact )
  • William L. Skufca | | 22 Aug 2013, 12:27 PM Agree 0
    We are not laying off but hiring in Colorado
  • Kemper Lewis | | 22 Aug 2013, 02:08 PM Agree 0
    They are firing and my new retail Sierra Pacific Mortgage Company branch is hiring MLO's here in Denver Colorado. It's going to be interesting how the industry will handle the current HPML issues and the QM coming January 10th 2013!
  • Bayview Mortgage Inc | | 22 Aug 2013, 02:56 PM Agree 0
    Sierra is Great. They get pretty much everything thru. The rates aren't the best anymore. And they are really slow in underwriting but they get most items thru.
    Their appraisers for Texas cash outs, always hit the mark.
  • Kent | | 22 Aug 2013, 08:38 PM Agree 0
    You are very closed minded... Some of the most successful LO's in America at wells fargo have more money in their savings accounts than most mortgage originators ... It's easy to knock an institutional lender down... But are you closing 5-10 purchase mortgages a month??? Why not? Look in the mirror...
  • Denny David | | 23 Aug 2013, 07:04 PM Agree 0
    This is not rocket science. The banks are big slow and breed order taking mortgage officers. They have a bad case of "analysis paralysis."
  • Dominick F Sammarone | | 23 Aug 2013, 08:24 PM Agree 0
    I love these boobs at Wells Fargo bragging about the money that he's making. A chimp could make money there.
    The government bails out a bank because of all the crap mortgages they made AND because "they're too big too fail." All the competition goes out of business. All thats left is the too big to fail banks to do mortgages which are flipped over to the tax payers. Its like shooting fish in a barrel and some boob leaves a comment of how much money his making. Crazy move in a time of social media, big shot... You said you work at Wells Fargo right?
  • Willbne1 | | 23 Aug 2013, 09:07 PM Agree 0
    Wells Fargo is quite the opposite; a day ahead and two dollars ahead. Wells always has such impeccable insight into the future mortgage trends and acts accordingly. Unfortunately with rates rising, refi's are flat however purchases are there for the taking. Give it some time for the builders to increase inventory and you will experience Wells Fargo holding a great deal of this market share.
  • Patti | | 26 Aug 2013, 12:31 PM Agree 0

    The amount of people laid off comparatively speaking is not that big. It's all relative. Don't panic folks, WF may have been way overstaffed. Also, I would think rising rates is just one part of our worries. If the Obamacare continues, many borrowers will default again. The price of Health Insurance, for the middle class worker is skyrocketing, and millions will find them selves on a shorter work week, cutting income and increasing debt. Does anyone else feel this way?
  • Bayview Mortgage Inc | | 29 Aug 2013, 09:39 AM Agree 0
    Dominick - the workers at wellsfargo only get 50% of their commssion. and if underwriting takes 120 to 180 days. and most mortgages don't close due to the people going to a different lender. The employees usually only make their draw each month. Working for commssions with any Bank is hard.
  • Todd Smith | | 29 Aug 2013, 11:33 AM Agree 0
    The whole industry is a joke. The MLOs and the consumer are paying the price for the government lead meltdown that happened in 2008. The big banks feasted on all that dirty paper and then cried wolf when it all hit the fan. Shame on the GSEs, The Banks and the legislators. Good luck surviving the next round.
  • Extremely Happy LO | | 29 Aug 2013, 05:40 PM Agree 0
    MSI based out of IL seems to be a have for producing LOs. Their comp plan is amazing as are their rates. Processing and marketing support great as well. Everyone I work with considers themselves lucky to be here. They seem to be a well kept secret.
  • Bob cat loan HMC'S | | 12 Sep 2013, 03:13 PM Agree 0
    I just was axed for not meeting minimum standard production numbers at WF. 10 yrs. at bank, excellent everything in my history as LO. Reason for work at will state is:: you met $$$ but did not meet 6. Loan apps in 3 months. Ugh
  • Wendy | | 21 Oct 2013, 05:59 AM Agree 0
    Birmingham AL has experienced some layoffs in one of their modification areas but home preservation has not experienced any cuts yet. They are firing people left and right and setting new and higher production numbers. Which is almost unreachable when home owners are not calling as much as they have in the past for mortgage assistance.
  • Scott | | 08 Jan 2014, 05:24 PM Agree 0
    Sierra Pacific is a joke. They don't get crap thru. don't know what kinda crack the earlier posters were smoking but I want some
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