A new round of job cuts at Wells Fargo & Co.’s home lending unit impacts hundreds of mortgage servicing employees.
Affected employees of Wells Fargo Home Mortgage were advised Thursday that their positions will be eliminated in 60 days.
The impacted employees work in the Des Moines, Iowa-based company’s servicing department and handle home preservation for distressed borrowers.
A company statement indicated that a total of 481 team members across the country have been given notice.
However, most of those being laid off — 468 — work at a facility in Birmingham, Ala.
Wells Fargo said the decision to reduce staffing was made as a result of a decline in the number of borrowers who are in need of payment assistance and facing the potential for foreclosure.
“We are committed to retaining as many team members as we can and where possible we are working to identify other opportunities within Wells Fargo for affected team members,” the statement said.
