Edward Jones Mortgage LLC is closing down, and more than 200 employees are impacted.
The mortgage lender stopped originating new home loans last month, while it plans to shut down next month.
As a result of the company’s closing, Edward Jones Mortgage employees in Minnesota are being laid off.
Around 210 employees are impacted, according to a statement from Wells Fargo &Â Co., which operates the company as a joint venture with Edward Jones. The business was originally established in 1998.
“After careful analysis of marketing conditions and the impact of the regulatory environment on business, Wells Fargo decided to dissolve several of its joint venture alliances, including Edward Jones Mortgage LLC,” the statement said. “Most of these alliances were dissolved during the second half of 2012.”
Wells Fargo went on to explain that a joint venture is an alliance between Wells Fargo Home Mortgage and a third-party business that is properly licensed to do originate, process and fund mortgages.
But the San Francisco-based bank noted that it is working with impacted employees to help them find opportunities to apply for jobs within Wells Fargo.
“We remain committed to the joint venture business and feel these alliances offer an excellent opportunity for Wells Fargo Home Mortgage and its partners to provide outstanding services to our shared customers and referral sources,” the statement said.
