Wells Fargo is adding jobs to its mortgage department to cope with higher volumes, according to a Reuters report.
Wells Fargo laid off about 1,000 mortgage employees last year, but a surge in refinance activity has pushed the banking giant to reverse course. Many of the new hires will be in Des Moines, Iowa, and Minneapolis, according to a memo obtained by Reuters. Wells Fargo laid off hundreds of mortgage employees in those cities last year.
The bank is preparing for a surge in mortgage activity driven by falling interest rates. Refinance activity has already more than doubled year over year, according to the Mortgage Bankers Association. Purchase activity has seen a 10% year-over-year jump, Reuters reported.
Mortgage business could spike even more, with the Federal Reserve widely expected to cut interest rates a third time this year at the end of the month, Reuters reported.
Wells Fargo did not specify how many mortgage jobs it would add, Reuters said.