The campaign to align staffing levels with mortgage production volume is continuing at Wells Fargo & Co., which has already cut thousands of mortgage jobs.
Mortgage Daily tracked more than 6,000 mortgage-related layoffs that took place during the fourth quarter at the San Francisco-based company.
Those layoffs were on top of 5,300 mortgage jobs that were eliminated in the third quarter at Wells Fargo.
On Wednesday, Wells Fargo Home Mortgage said it was laying off 323 mortgage employees.
“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,” a written statement said. “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.”
The staff reduction is national.
The statement said the decision to reduce headcount followed a careful evaluation of market conditions and consumer needs.
“The decision to reduce our workforce is made with great concern for the team members who are affected,” the statement said. “Wells Fargo is committed to retaining valued team members and, where possible, we will work to identify other opportunities within Wells Fargo.”
Published news reports indicated that California’s Bay Area was the location of 11 of the job cuts, while 27 were in the Dallas suburb of Addison.
