Skip to main content

Wells Fargo Laying Off Staff in Home Lending Unit

Doug Page
Jul 08, 2022

197 staffers will have been let go in Iowa

Like others in the mortgage industry, San Francisco-based Wells Fargo laid off workers in their home lending unit.

In the latest documents filed with the Iowa State Department of Workforce Development, Wells Fargo said it will lay off 114 people in its offices around Des Moines. Between the most recent layoffs and earlier ones, the bank will have laid off 197 people in the Hawkeye State this year.

“The latest Mortgage Bankers Association (MBA) forecast has total originations for 2022 at $2.4 trillion, down 40% year-over-year, with refinances down over 70%,” Wells Fargo spokesperson Lylah Holmes said. “The home lending displacements are the natural result of cyclical changes in the broader home lending environment, as has been acknowledged by most mortgage providers across the industry in recent weeks. Employees affected by these changes have each been an essential part of our success.

According to Bankrate, which tracks mortgage rates, the average rate for a 30-year fixed mortgage is 5.83%, up from 3.56% in March. In addition, the MBA reported mortgage applications dropped again last week.

“We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling. Additionally, we are committed to retaining as many employees as possible. Of those impacted in home lending so far this year, about 35 percent are moving into other roles within Wells Fargo,” Holmes said.

Jul 08, 2022
Equifax Confirms Credit Report Hike

Costs could go up as much as 400% in some cases, according to NCRA.

Industry News
Nov 29, 2022
‘Massive’ Increase In Credit Report Cost Coming In 2023

NCRA says a 'vast majority' of mortgage lenders will incur price increases ranging from 10% to 400%.

Industry News
Nov 28, 2022
Homepoint Offering $500 Credit To Borrowers For Appraisals

Savings intended to help ‘on-the-fence’ homebuyers feel more comfortable buying a home.

Industry News
Nov 28, 2022
Creativity Found In The Oddest Place

Flagstar’s MortgageTech Accelerator program has its roots in Major League Baseball

Industry News
Nov 21, 2022
UWM Expands Temporary Rate Buydown Offerings

In a rising rate environment, this temporary rate buydown will be an attractive option for borrowers.

Industry News
Nov 16, 2022
Down Payment Assistance Facilitator Arrive Home Launched

Social enterprise

Industry News
Nov 15, 2022