So now that Charlie axed off everyone that did not live near Charlotte we are left with the worst processing ever. It is a losing battle. Sales hates it. Customers hate it. Realtors and builders hate it. Why Charlie?????? We were the nations number one mortgage lender. You have single handedly destroyed us. Jus finish ki-ling it off now. It would be the merciful thing to do
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I once was one of the top processors in the nation. Then Charlie announced in January Wells Fargo was getting out of the business. I was axed in March after 33 years with the company. You get what Charlie wants to give you which is nothing. His decision making is only to let India run everything
The ax fell on mortgage today
India destroyed processing since Charlie thought it was a good idea to let them do our job. Underwriting will be next then closing. What were they thinking????? Indians can’t even spell mortgage! Their so called accountants that review income and tax returns are constantly wrong. Wells Fargo was pushing communications how can anyone communicate with a borrower when everything is wrong? We went from the nations number one lender to the worst. This whole hub idea was a major sc--w up. Our Processors that were experienced and knew everything are now gone v those of us left are struggling. Charlie continues to destroy our company
It does seem like the standards that we used to uphold are not the same as what are in place now. There used to be accountability and pride of ownership of one's efforts. I don't know much about the culture of work in India, but I do know that far fewer miscommunications and disconnects happened when this was all handled stateside.
I can't imagine being a WF mortgage customer, as they are treated as poorly as employees (eg: see what once was Technology Connections or HR Resource Center, so extremely inconvenient and incompetent).
I was a processor. There were dozens of tasks we used to do that ended up re-assigned to India, yet we had to constantly fix their mistakes. It baffles me that the lending executives ever came to the conclusion that handing them even more responsibility was a good idea. The difference between a good and bad mortgage experience is not sales, underwriting, or escrow. It's the processor every time.
The downfall started when they took underwriting authority away from processors. The old adage was "good processors become underwriters and bad processors go to sales." What happens when neither side of the work force is seasoned by being an experienced processor? You give the company artistic license to ship everyone to India, cause offering the consumer an inferior product is more cost effective than growing careers and living up to the reputation that the stage coach commercials embodied.
Majority of HL processing is done in India. They’ve been doing bits and pieces of it for years and now secured the most of that work.
Based on their “metrics” and pristine “quality” scores, you’d think their output was practically perfect as their PowerPoint decks and graphs appear to show. Can’t believe no one digs deeper on this!
Just wait until they do lending and UW decisions. Sadly, that day IS coming.
WF decision makers are easily fooled by a few dollars saved and a pretty pie chart.
Everything processors used to do was offshored, so there's really nothing the "processing" function does right anymore. Docs always labeled incorrectly, associated to wrong conditions, the list goes on. Underwriters basically have to process our own loans now as NPS impacts our incentive as well. I typically try to avoid the HLP at all costs, since sales is pretty responsive and they usually know their loans well.