Thread regarding Wells Fargo & Co. layoffs

Mortgage processors are now closers

Mortgage processors are this week going through in-person training on the closing disclosure, as they will be taking over the responsibility of going over the final CD’s with borrowers. This duty was previously done by our closers, which makes sense because THEY ARE GODDA-N CLOSERS.

Heard a rumor that WF is piloting a program to have Indian employees become closers. Don’t know how that might be possible, with SAFE certification requirements and all. But I’m sure that WF can/will find a way around it.

F this company

by Anonymous
| 1064 views | | 11 replies (last September 20, 2023) | Reply
Post ID: @OP+1oAv3lV2
Comment! It's anonymous!

11 replies (most recent on top)

There are a bunch of temp agencies recruiting for 100% remote "Loan Documentation Processors" who "support closings". As a closer who was laid off in last year's WFHM bloodbath, I admit I'm curious about this role.

by Anonymous
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Post ID: @7qtw+1oAv3lV2

Can I have my processor job back then?

by Anonymous
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Post ID: @3kdw+1oAv3lV2

Closers are the most useless and lazy position in Mortgage. They pan everything they can off to someone else

by Anonymous
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Post ID: @1anx+1oAv3lV2

The reason why they are training the processor to take over the CD call is because the India Closer doesn’t have to talk to customers. They already trained the Closer in India and by next year the India Closer will take over the refinance loan. Look up US Funder. How many are left in the US. Not many.

by Anonymous
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Post ID: @1ots+1oAv3lV2

@kfc+1oAv3lV2

lol @ WF AI handling anything beyond "do you want a printed receipt or will an email do?"

by Anonymous
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Post ID: @ddz+1oAv3lV2

Why not combine the HMC role with the Processor/Closer role as well? A lot of the things HMCs do can easily be done by a Proccesor.

by Anonymous
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Post ID: @sup+1oAv3lV2

Maybe next year FARGO, WFC AI will handle the whole process.

by Anonymous
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Post ID: @kfc+1oAv3lV2

Not a rumor. WF has been working through the requirements for years to make this happen.

by Anonymous
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Post ID: @xzv+1oAv3lV2

Processing job responsibilities has ping ponged back and forth over the last decade depending on who was in charge at any given time.

I will share that there was a large pilot about 6 years ago to break down all mortgage operations roles into tiny pieces. It was my suspicion then that they were going to keep moving more and more pieces of jobs overseas and automate whatever they could eventually.

by Anonymous
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Post ID: @mex+1oAv3lV2

This was the process many years ago also. The processor processed and closed so there is one consistent point of contact for customer. It worked very well

by Anonymous
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Post ID: @wqf+1oAv3lV2

Fast Track is back.

by Anonymous
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Post ID: @irt+1oAv3lV2

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