home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.


Wachovia Laying Off Originators

Layoffs in 19 states

August 11, 2008

By MortgageDaily.com staff


Wachovia Corp. is changing its retail lending model in several states in a move that will shift retail mortgage originations from the field to centralized origination centers. As a result, originators in those states are being eliminated.

The Charlotte, N.C.-company will shut down retail mortgage operations in 16 primarily Midwest states that have no retail bank branches, spokesman Don Vecchiarello told MortgageDaily.com Friday. He said those states are Idaho, Indiana, Iowa, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Ohio, Oklahoma, Oregon, Rhode Island, South Dakota, Utah, Washington and Wisconsin.

In addition, retail mortgage operations are being closed in Illinois, Kansas and Mississippi -- though financial centers will remain open.

"We're not exiting those markets from a retail banking financial center perspective," he clarified. "We'll continue to offer all of our traditional banking products ... in those three states."

The closings will result in around 125 layoffs involving loan originators, managers and other related personnel. The number of retail mortgage branches being closed was not available.

The move is part of an expense-reduction plan disclosed in July which included reducing headcount by more than 10,000. Wachovia discontinued its wholesale lending business on July 25.

"We're not going to have any retail sales staff face-to-face, in-person staff, in those 19 states where we don't have any branch presence or we have very few branches," he stated.

Wachovia will continue to provide mortgage services to borrowers in the impacted states by Internet, telephone and direct mail. The business will be handled through existing mortgage centers, including one in Raleigh, N.C., and another in San Antonio, Texas -- where early last year the company had planned to increase the staff from 3,478 to around 4,000 but wound up cutting 160 jobs a few months later.

Vecchiarello noted no job additions are planned at the existing centers, which they estimate have enough existing personnel to handle the added originations.

Other than in the 19 impacted states, mortgage operations will not be affected.

"In all the other states we're still doing complete mortgage -- offering face-to-face service and face-to-face consultation -- in every state where we have significant branch presence," he explained.


Related:

Wachovia to Eliminate More Than 10,000 Jobs
Job losses at Wachovia Corp., which today reported a massive loss, are expected to exceed 10,000.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders