Very few people are selling or buying homes in 7% plus interest rates.
Do you see something on horizon for Home Lending Employees, both Business and Tech?
9 replies (most recent on top)
Most of builders are preferring non-bank lenders. This can cause challenges to WF.
I was a 33 year employee displaced at the age of 63. They could care less about you.
As a 30yr+ employee of WFHM and am nearing 60 I have to stick it out. I’ve had two managers met go in the past year and am betting the new one will be gone sooner rather than later. The mortgage group was second to none not that long ago. Sad.
https://www.cnn.com/2023/01/10/investing/wells-fargo-mortgage-market/index.html
Charlie already announced Wells is not going to offer mortgages to anyone but existing customers and minorities anymore, so if you work for Wells Fargo's mortgage business, you should not expect to be around much longer.
If I were younger, I would think about finding a new career. Or at least moving to one of the more modern platforms which seem to be the future of mortgages. 50 years old plus with an established career, I would probably try sticking it out.
Situation is the same with my position. I’m older and it’s been a good career, but I wouldn’t recommend it to someone younger. It’s already on it’s way to becoming fully automated.
Yes. More layoffs.
Sadly, more will be displaced.
Executive decisions to offshore even more lending jobs and responsibilities to India and the obvious disinterest CS has in home lending is the writing on the wall unfortunately.
Quantity is definitely down, but quality and $ amount keep rising. I would assume HMCs will just be consolidating so to speak which bodes well for those left standing.
Yes, more layoffs