|
|||
| Wells Fargo Home Mortgage is closing a loan operations center and laying off workers in the process.
Wells recently gave 60-day notices to employees in the retail mortgage fulfillment center in Davenport, Iowa, that their work will be transferred to a larger loan processing operation in Minneapolis, according to e-mail statements from spokeswoman Debora K. Blume. “The current rate environment has reduced consumer demand for mortgage refinancing,” Wells stated. “After evaluating the current market and our loan application volume, especially with mortgage refinancing, we must reduce staffing to better align capacity and increase the efficiency of our loan processing operations.“ Wells would not confirm or disclose the number of layoffs that would result through the shutdown of the Davenport center, which opened about three years ago and was expanded in June 2005. At the time of the $298,000 expansion, Wells said it could soon employ up to 48 in the 4,200-square-foot office, according to The Quad-City Times. “The decision to close the Davenport site is made with great concern for the talented team members who work there,” Wells said, adding that it is committed to retaining valued team members and was working to identify other opportunities within the company. Affected employees are receiving separation benefits, including insurance and salary continuation based on years of service, and job search assistance, the San Francisco, Calif.-based lender said. |
|||
|
Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com |
