Wells Fargo says that the recovering housing market is causing layoffs.
581 Wells Fargo mortgage operations employees will be laid-off. The San Francisco-based bank employs about 265,000 people making it 2 percent of their entire employees.
Ruben Pulido, Wells Fargo spokesman, says that foreclosure rates for mortgage loans have declined to their lowest point in four years and are predicted to continue their downward progression into historical lows in the coming year. While good news for the American economy and the mortgage market, it's clearly bad news for these individuals.
The volume of mortgage-related transactions has decreased to historical low averages and is reducing their staff to align with the current trend of workload. “Nationally, home sales remain well below historical norms and refinance volume is a fraction of what it was a few years ago,†said Pulido.
Wells Fargo stated that it will try to relocate the people affected by the change to potential other jobs at the bank—should their qualifications be at par.
For more information refinancing, mortgage transactions, or foreclosures,
contact us today—we, at Parkwest General Contractors, will be glad to discuss your options and figure out the best way to complete the job with minimal impact on your customers or your bottom line.
