The nation’s largest mortgage lender announced it would cut 323 mortgage jobs nationwide as demand for home loans
continued to ebb.
“While interest rates for homebuyers and lenders remain very favorable by historical standards, the demand for mortgage financing we experienced in recent years has continued to decrease,” Wells Fargo spokesman Ruben Pulido told the San Francisco Chrionicle. “At the same time, we are seeing substantial improvement in delinquency and foreclosure rates related to the economic recovery, and because many borrowers with financial hardships have taken advantage of loan modification and other programs.”
With this round of job cuts, Wells Fargo has handed more than 10,300 mortgage employees their walking papers since July 1, the Des Moines Register reported.
Wells isn’t alone in slashing mortgage jobs. Other big lenders like Bank of America and JPMorgan Chase have cut thousands of positions in their mortgage units in the last 12 months as the refi boom evaporated.
Wells Fargo is slashing more than 300 mortgage jobs, the company has announced.