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| Changes in subprime lending guidelines at Wells Fargo Home Mortgage have resulted in Arizona job cuts.
Wells notified 121 employees at its home mortgage operations center in Tempe, Ariz., that their jobs will be eliminated next month, according to an e-mail statement from spokeswoman Debora Blume. The job cuts are in consequence to the Feb. 16 updates to nonprime lending credit policy resulting from “changing market conditions — such as moderating house price appreciation,” Wells said. The nonprime credit policy changes reportedly included loans with high loan-to-value, high debt-to-income ratios, lower credit scores and low documentation. “This decision directly impacts our nonprime loan volume, which in turn impacts staffing levels in the areas devoted to managing these loans,” the statement read. The Arizona employees received the 60-day layoff notices last month — the same time as 320 other workers in Fort Mills, S.C., and Concord, Calif. Within the 121 Arizona layoffs are mortgage specialists and telesales employees, Blume said. The San Francisco-based lender said it will give special consideration to employees who seek other jobs within the company and that most affected workers are offered separation benefits, including insurance and salary continuation based on years of service. Related: Wells Cuts Grow Nonprime Wells Cutbacks |
