Wells Fargo & Co.’s mortgage unit is closing a wholesale lending location in North Carolina in a move that will impact several dozen employees.
A Durham, N.C., facility that processes loans for mortgage brokers is being shut down, a statement from Wells Fargo Home Mortgage indicated. Wholesale loans previously processed at the site will now be processed at a site in Charlotte, N.C., the “East Coast headquarters for the company’s lending business.”
Executive vice president for Wells Fargo’s wholesale lending business Kathleen Vaughan indicated in the statement that the North Carolina consolidation was done “to effectively manage costs and match the needs of our business.” The move reflects “the current market and loan application volume.”
Around 62 employees will be given 60 days’ notice. They will be given special consideration for open positions at Wells by hiring managers, and they will also receive outplacement assistance.
“An advantage of being part of a national diversified financial services company — with 80-plus businesses — is the ability to manage the ebb and flow of staffing required for each business,” Vaughan added.