Wells Fargo & Co. said Wednesday it is planning to close its home loan servicing operation in Milwaukee this summer, eliminating about 1,000 jobs.
Jim Hines, assistant vice president of consumer lending communications, said the company told employees at the West Parkland Home Lending Servicing center Wednesday morning that the office is set to close in late July “due to shifting customer needs and market dynamics.”
“As the economy has improved over the last two years, we have seen steady declines in delinquencies and fewer customers needing extra assistance to remain in their homes,” Hines said employees were told.
The West Parkland facility is largely a call center from which employees assisted customers who were having trouble making their monthly mortgage payments.
The statement continued: “Any decision to reduce our workforce is difficult and made with great concern for the team members who are affected. We made this announcement today so our team members will have several months to plan for this change.”
The facility is located at 11200 W. Parkland Ave. on Milwaukee’s northwest side.
The San Francisco-based bank said it would try to help employees be aware of other job opportunities with Wells Fargo, “and support them as they consider the next phase of their careers.”
“In the meantime, we remain committed to helping customers purchase or refinance their homes and offering solutions for borrowers with financial hardship who need assistance,” Wells Fargo said.
The bank said the decision to close the home loan servicing operation has no impact on Wells Fargo’s bank branches and other lines of business, such as business and commercial banking, and wealth management and brokerage in the Milwaukee area.
Wells Fargo acquired the home loan servicing operation from now defunct Washington Mutual Bank in 2006.
