Falling demand for mortgage refinances has Wells Fargo Home Mortgage eliminating hundreds of production positions across the country.
The refinance wave that rolled through the industry has been a boon for Wells Fargo, which has originated $745 billion in the past year and a half — making it the biggest mortgage lender in the country.
In order to meet the elevated demand, the company hired “a substantial number of people around the country — helping individuals, communities and our national economy,” according to a statement provided to Mortgage Daily.
But demand for refinances has recently waned, prompting the mortgage lender to evaluate its current needs versus current market conditions.
As a result, Wells Fargo has decided to begin trimming its home loan workforce.
Approximately 356 production employees have been advised of their impending layoffs by the Des Moines, Iowa-based lender and will be given 60 days’ notice.
The job cuts are spread across the country.
“It is a decision that is made with great concern for our team members,” the statement said. “Wells Fargo is committed to retaining valued team members and we are working to identify other opportunities within Wells Fargo.”
Parent Wells Fargo &Â Co. reported that it employed 274,300 people as of June 30.