Wells Fargo has conducted another round of layoffs within its home lending business. The bank has been shrinking its mortgage business since the 2016 fake accounts scandal. The layoffs come as the bank is expecting a decrease in refinance activity due to rising interest rates.
Wells Fargo has been slowly shrinking its mortgage business since the 2016 fake accounts scandal. The bank has now conducted another round of layoffs within its home lending business. The layoffs come as the bank is expecting a decrease in refinance activity due to rising interest rates.
Wells Fargo has been slowly but surely shrinking its mortgage business since the 2016 scandal in which employees created millions of fake accounts in order to meet sales targets. The most recent round of layoffs within the home lending business is just another step in this process.
The layoffs come as the bank is expecting a decrease in refinance activity due to rising interest rates. This decrease in activity, coupled with the continued fallout from the scandal, has led Wells Fargo to make the decision to reduce its workforce in the mortgage business.
While this reduction in staff is likely to result in some cost savings for the bank, it also means that Wells Fargo will be less able to compete in the mortgage market going forward. This could have negative implications for the bank’s bottom line and seriously harm its reputation with consumers.
You can read this full article at: https://www.housingwire.com/articles/wells-fargo-conducts-another-layoff-in-home-lending-business/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
