Wells Fargo Mortgage Staff To Be Hit by Layoffs as US Loan Volumes Plummet

Wells Fargo is the latest bank to announce layoffs in its mortgage division as the industry continues to suffer from the collapse of the housing market.

The San Francisco-based bank said it will eliminate an unspecified number of positions in its home loan unit.

The move comes as U.S. loan originations are expected to fall to a 12-year low this year, according to the Mortgage Bankers Association.

The bank had about 18,000 loans in its retail origination pipeline in the early weeks of the fourth quarter, according to people with knowledge of the company’s figures.

That is down as much as 90% from a year earlier, when the Covid pandemic-fueled housing boom.

That has put pressure on banks' mortgage businesses, which have been struggling to adjust to tighter credit standards and higher interest rates.

Wells Fargo's layoffs are a sign that the nation's largest mortgage lender is feeling the pinch from the slumping housing market.

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