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More Refi Layoffs at Wells

200 Iowa jobs being cut

March 23, 2011

By MortgageDaily.com staff


Following hundreds of recent refinance-related layoffs, Wells Fargo & Co. disclosed hundreds more.

The layoffs are tied to interim employees who were originally hired on a temporary basis to handle elevated levels of refinance volume.

The company has plans to cut 20 percent of its total interim mortgage staff.

Among locations already impacted are St. Louis, where more than 200 employees were given notice; Southern California, where 145 wholesale employees were let go; and Texas, where 100 positions were eliminated.

The latest round of layoffs is happening in Des Moines, Iowa, where Wells Fargo Home Mortgage is based.

The Des Moines layoffs are in addition to 142 job cuts that Wells Fargo notified the State of Iowa about last month. Those layoffs also impacted interim refinance employees.

A Wells Fargo spokesman confirmed in a statement that 200 jobs are involved in the most recent round.

"As I'm sure you know, with a highly cyclical business model, we continually scale operations to demand," the spokesman said.

He noted that 68 previously reported Vancouver, Wash., servicing layoffs don't involve mortgage positions.

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