Thread regarding Wells Fargo & Co. layoffs

WF is heavily focused and invested in Cities that people are LEAVING! WF needs to refresh their strategy to focus on safe cities, clean cities, no income tax states, and where people actually WANT to live.

Any updates on sale of Mortgage Servicing Rights?

Post ID: @1bnd+1nBxK7eG

wtf are you talking about? if you actually read my posts i said my department has been slashed by about 70%. no one is saying that mortgage has not been scaled way back. but there are people on here who insist every f’ing day that WF is pulling out of mortgage completely and that is absolutely ludicrous.

@inr+1nBxK7eG

Why do you continue to insist that publicly reported filings with the SEC and announcements from the CEO himself are "rumors"? They are hard facts and Charlie Scharf would go to jail if he's making false statements or the SEC filings were false. The proof is undeniable and right in the quarterly reports.

Post ID: @ysh+1nBxK7eG

my teams and I will be fine thanks. and i’m sure this rumor will still be going around a year from now. just like always.

WF is exiting correspondent loans AND government backed loans. Only originating loans that do not have government/investor requirements and portfolio-ing loans of existing bank customers. It’s pretty close to “exiting mortgages fully.”

Post ID: @eyn+1nBxK7eG

I know you mean well. The truth is that the C- Suite will look you straight in the eye and shake your hand while they’re lying to you. Take everything they say with a grain of salt. They will say whatever is necessary for you to not read the writing on the wall and walk right now, and then will have no qualms cutting you loose as part of the next (secretive) step in their plan.

Best of luck to you and your team.

Charlie will continue to swing the ax for the next couple of years. All jobs going to india

Post ID: @fuq+1nBxK7eG

No misreading. Exiting correspondent was stated at the beginning of the year, that is not a surprise. My comment about exiting mortgage completely is in response to those who like to tell everyone in lending that they are getting let go.

@eyn+1nBxK7eG

I think you misread the original post. It says "correspondent" mortgages are what's exited. Isn't that the loans that Wells used to get from the open market, meaning people who are not currently banking with Wells Fargo? Because my reading of the original post is that correspondent loans went from 14.5B to 0.1B.

In fact I'm thinking back and I remember Charlie saying something about how they will only issue mortgages to existing banking customers from now on unless they meet specific ethnic or income criteria. Going from 14.5B to 0.1B sure looks like a complete exit of that business to me, but I'm not in home lending so I don't know the legal definition of their words.

Post ID: @egs+1nBxK7eG

I said “my department “. No one can predict the future. We have already been cut by about 70% over the past 18 months. We are busy. If things retract further then I am sure changes will be made but as of this point and looking to the future, that is where things stand. I have been in this business 20 years and this is how it goes. But for the people saying WF is exiting mortgage completely that is simply not true.

I'll take my wife's private parts over any mortgage any day of the week.

We are not anywhere close to being 'correctly staffed for the future'. One look at loan volumes past, present and (Correspondent pipeline cleared) future means we are still seriously overstaffed. Expected/projected future monthly volume is 5,000.

Five thousand. Take a guess how little staffing is needed for 5,000 loans per month. Especially when 'variety'- will be limited not only by our exit from certain loan programs and investors but also by geography defined by our branches since those will be the only loans coming in.

Post ID: @jav+1nBxK7eG

i’m management but thanks. people here really have no clue.

"now staffed correctly for the future"

You do realize "the future" in corporations is the next earnings report, right?

lol,if they are making the effort to tell you that your job is safe, you're getting canned.

People here sure like to wish for the demise
of the mortgage business. Exiting correspondent is exactly what they said they would do at the beginning of the year. The layoffs have already been bad for the last 18 months. This is not news. They scaled way back in response to lower demand and mirroring what the other big banks have done, but they are not exiting mortgage completely. That is ludicrous. FWIW in my dept we have been told we are now staffed correctly for the future.

it's called it in the earnings and earnings call that you headcount in mortgage is down like 33% with more to come. branch headcount down 10% you. overall down like 1% qoq and like 4% yoy