Wells Fargo is cutting 80 percent to 90 percent of its wholesale mortgage jobs nationwide, according to the Web site the Mortgage Lending Implode-o-Meter, including cutting a lending division in Irvine.
Julie Green Rommel, a Wells Fargo spokeswoman in Orange County, confirmed that the company is cutting “a small number” of jobs in its wholesale mortgage lending division, but declined to say how many.
“As conditions with the national mortgage market continue to change, Wells Fargo Home Mortgage is adjusting staffing levels for its Wholesale Lending channel to reflect the reality of the market,” she said. “Wells Fargo is not disclosing the number because although a position is eliminated, it doesn’t mean the team member will leave the company as we work to retain employees when possible.”
Green Rommel said the Irvine office will remain open, but staff will be reduced.
The Irvine office processes FHA and other government approved loans. According to Implode-o-Meter, which requires a paid subscription to view, the Irvine mortgage jobs will transfer to Lombard, Ill. The Web site reports:
“According to a reliable source, Wells Fargo plans to cut its wholesale operations back by as much as 80% to 90% in the first weeks of December. An internal memo we were sent lays out the consolidation of volume handling nationwide to just three offices. The memo states “affected team members were notified earlier today,” but based on the lack of buzz we’re seeing, many are likely still unaware of these changes. The consolidation cuts across all wholesale channels, including both Conventional and Government product lines.”
If you have any other details, feel free to contribute here.
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You know this reminds to brine my turkey the day before I roast it. That will keep it nice and juicy!
Well at the government announced that they will extend the unemployment time, which i think here in california can be another 20 weeks.
ok…stop the insanity…I work for WElls Fargo..and your reliable source is totally unreliable..they refer to an internal memo which does mention some business being transitioned to other offices. 3 sites..but..there are many other ops sites that wholesale loans go to besides those 3 so your source was totally wrong .and the 80 to 90% reduction figure>>>…once again…where do they get this info from?????totally wrong..this source is probably working for another lender and wants to make brokers nervous about doing business with Wells
We are one of the top lenders left for many reasons..and have a strong commitment to wholesale…I wish you and mortgage implode would check their facts before publishing such ridiculous info
you are doing the struggling mortgage industry a disservice by publishing erroneus and misleading information
Dear cindy carmichael,
What happened to your stock this week you lost a third of your value.
Will you be laid off by the end of the year?
not to worry cindy you can always start up a nice home based
business selling “how to get rich in real estate” books on
e-bay thousands of former mortgage people have already made millions following my easy to learn plan….
thats right cindy for only fifty dollars
I’ll teach you how to start a home based business where you
can watch TV– play with the kids and groom your dog– all while
raking in millions from the comfort of your own home– its so
easy even paris hilton is doing it— read about it here…..
http://jan.freedomblogging.com/2008/11/22/37-million-self-employed-may-lose-homes-and-businesses/4614/
Tom- if you haven’t noticed, there are about zero stocks that have risen over the past couple of months. so what is your point? if you haven’t noticed, WF is the most liquid bank around, hence the purchase of a bank called Wachovia. maybe you heard about that since you’re so good with citing recent data you read on a website. no, cindy will not be laid off. Wells does the best job of any company with retaining employees. she’s right, they will make an effort to retain as many employees as possible that want to stay with the company. i’m sure your company, Tom, can’t say or has the ability to do the same. jerk.
Rant- you’re an idiot.
To David, Rants, and Tom,
Please take note of the rules on comments, which are in small type at the end of each post. We are no longer allowing personal attacks. I will let your comments stand, but I will delete any future comments along this line.
You are all free to dismiss and attack the statements of any person, but NOT to simply insult another person. Statements like “You’re an idiot” will result in an entire comment being deleted,” while statements like “What you said is wrong because…” will stay.
In other words, keep the focus on issues.
Thanks.
-YOUR BLOGGER
In my opinion, Wells Fargo is one of the strongest banks going. But, nobody is imune anymoe do the mortgage meltdown. How can WF justify not reducing staff? The demand for loans is at an all time low and not to mention their all vanilla borrowers anyway (qualify easily). I hate to say this, but layoff’s might not occur in Irvine today. But, in time it’s sure to happen.
C’mon people, WF will go down just like the others…it starts out slow , first it’s no more extra supplies “in these tough times we need to cut costs…”, then it’s consolidating offices to cut out the office lease fees, then comes the waves of lay offs, until eventually there is no one else left to let go & then maybe Cindy and Tom will admit that WF is going down
Curious is the use of that hobgoblin of verification, “reliable sources” in the context of the “Impolde-o-Meter,” a blog with an unabashed axe to grind in stating as its mission, “Tracking the housing finance breakdown: a saga of corrpution, hypocrisy, and government complicity.” It’s blogoshperic mutual masturbation (is that an oxymoron?) at the least, and journalistic malpractice at its worst.
hey david- just for the record- this idiot has been posting for the
past three years warning about whats happening
right now - a full blown meltdown of our house of cards
economy- a thank you would suffice
Gomer,
You should investigate a little before you throw stones.
Mr. Mortgage and implodometer have been unfailingly accurate for over two years, and has been quoted in the WSJ and NYT, amongst others. In these days of rapid flux in the industry, they are the reliable sources.
Just because you don’t like it doesn’t make their (or Matt’s) reporting any less accurate.
Thank you Matthew! These uncalled for personal attacks have gone on far too long on this and especially Lasner’s blog. Some here wouldn’t have anything to say at all if it weren’t for aggressive personal attacks on strangers.
Gomer, as FreedomCm stated, Implodeometer is usually dead-on. I am in the industry and theirs was the first broadcasting of the “mortgage meltdown” long before the mainstream media started tracking things. People in the industry know them and contact them as soon as something happens at their companies so they are almost always the first and most in-depth with their reporting.
Rants, yes you have been right quite often for as long as I’ve been coming to this board. The problem wasn’t your message but the uncivil and rude way in which it is usually delivered. Hopefully Matthew’s new rules will keep those that post in such a way caged. It’s time for civiity not rancor. Times are dark for many….no need for our means of communicating with our fellow Americans to be the same!
larry- I respond in the same manner I’m responded to- period
I am not sure what planet some of you all are from.I work for Wells retail and we just laid off our entire operations department.The layoff are not just wholesale but they are in retail also.
No need to worry about WF.. it’s by..by.. for now! DARN..the Senate is not passing the bill for the auto companies as of today…. so more jobs are obviously going away.. might want to think about starting over in the nursing field. jobs are hot in the medical field….
good luck to you all.. Have a peaceful year..Just keep your heads up.. Hang in there!!..