Mortgage is dead. Time to let go of what remains of mortgage operations. The Processing managers are the worst. I lost a borrower as they could not get the processor or her manager to return calls. So they pulled their loan and left. Realtor said they will never do business here ever again. I called the national processing manager and he had an attitude. How do you expect sales to close any business? Wells laid off all the talent and what is left is terrible. Sales is all out interviewing with better companies who actually have processors that know the business and can spell mortgage. I wish I had contact information for our processors that were laid off. Our competitors want them! Time to ki-l off Wells Fargo mortgage.
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Jumbo loans are not very profitable. They’re great for keeping big g-n depositors but ultimately they don’t leave much room for profit margin.
The mortgage folks that did not get sliced and diced are leaving in droves and taking their customer realtors and builders with them. Bye Wells Fargo. What a fall from nations number one lender to nothing.
What about all these worthless retail sales consultants that are supposed to be put in the offices helping sales? Ours works remote and travels all over the country on vacation. Claims she can work remote from anywhere yet never available for questions or help. How about a huge cost savings dumping these people. If Wells Fargo could figure out dumping all these worthless positions and salaries and bring back the worker bees they could get back in the game again. All these remote lazy people on payroll doing nothing has got to be draining. Why are they not being forced back to the office. All the people that are in the office are taking 2 hour lunches and shopping online. Seems to be real productive Charlie. No one watching anything.
They just laid off hundreds of sales, including top performers. WF will never be successful when they keep hiring entry level processors. Processors are the key to smooth transactions. Most processors here don't understand what a loan is, much less a mortgage transaction. Most of their work has been shipped to India so they often don't even see the file.
They announced a while ago they were "Re-Tooling" the mortgage division. I don't know why this is a surprise
“that is not accurate. Business is down 80% in those markets too. No one is ki-ling it. The policy is more restrictive daily. Our rates are competitive if you are willing to park $1,000,000 with us, but that process has been bungled and is a terrible customer experience. I think they want us to fail or quit, so they can disengage cleanly.”
Disagree. Some may be down a lot but the elite presidents club bankers in the core markets are doing phenomenal. Charlie will never get rid of the top dog mortgage bankers in NYC and San Fran.
And the jumbo RETAIL rate without any relationship is the best in the game.
“so, not sure what to believe......but speaking to a rep regarding HELOCs, WF doesn't want any part of it......”
Correct. Wells Fargo hasn’t done HELOCs since March 2020.
@rzk+1mcWqy4B that is not accurate. Business is down 80% in those markets too. No one is ki-ling it. The policy is more restrictive daily. Our rates are competitive if you are willing to park $1,000,000 with us, but that process has been bungled and is a terrible customer experience. I think they want us to fail or quit, so they can disengage cleanly.
so, not sure what to believe......but speaking to a rep regarding HELOCs, WF doesn't want any part of it......
Vaccines cause conservatives to lose their minds.
Disagree. The bankers in the “core markets” (NYC, San Fran, Chicago, Charlotte, LA, etc) are KI-LING IT right now.
And their processing/underwriting teams are the best. Wells has the best rates on Jumbos in the country and wealthy elites in elite markets wanna do biz with us.
Fu-k RTO