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Wells Cuts Grow

Additional layoffs in Calif.

February 22, 2007

By COCO SALAZAR


photo of Coco Salazar

In addition to South Carolina employees, Wells Fargo Home Mortgage will cut several California workers as a result of changes to its nonprime credit policy.

A total of 320 Wells employees received 60-day notices Tuesday that their jobs would be cut, spokesman Kevin Waetke confirmed in an e-mail statement to MortgageDaily.com.

The banking behemoth recently updated its credit policy for certain nonprime segments generally defined by high loan-to-value, high debt-to-income ratios, lower credit scores and low documentation.

"With the change in credit policy, we're preparing for the change in nonprime production," Waetke said.

The total 320 figure the spokesman provided today includes 70 individuals from Concord, Calif., and about 50 more than initially reported for Fort Mills, S.C., as a Wells statement Tuesday said approximately 200 employees in Fort Mills had been affected by the changes.

The jobs are generally tied to production and operations in nonprime loan production, as well as some support positions, Waetke said.


Related:

Nonprime Wells Cutbacks
Wells Fargo Home Mortgage tightened its nonprime underwriting guidelines and gave notice to hundreds of employees.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

e-mail: [email protected]


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