With Reverse Exit, Wells Fargo Drives Mortgage Industry Job Losses

The effects of an uncertain housing market on mortgage employment are not yet fully known for 2012, but according to an industry job index, the second quarter saw a net loss, with hopes of hiring ahead. Some companies fared better than others.

The quarterly Mortgage Employment Index tracked by MortgageDaily.com reported today that in spite of nearly 5,000 mortgage hirings, new jobs weren’t enough to offset the 5,000-plus layoffs conducted in the second quarter.

Leading the pack for layoffs was Wells Fargo, which let 2,000 mortgage employees go over that time period. While the index does not specify reverse versus forward mortgage employees, Wells Fargo’s exit from the reverse mortgage business prompted 1,000 Wells Fargo employees to seek new jobs earlier this year. At the time, Wells Fargo said its reverse team members were provided with opportunities to apply for other open positions within its 80-plus businesses.

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MortgageDaily.com noted that Wells Fargo cut fulfillment staffing in addition to closing its reverse business.

While the index shows job contraction in the second quarter was less severe than in the first quarter, the year-to-date loss is well below its year-earlier total.

Companies representing the greatest number of hires were JP Morgan, which added more than 2,500 jobs, US Bank, with a near-300-job gain, and MetLife, which added 200.

The site predicts that hirings could pick up in light of historic low rates, and that small- to mid-sized mortgage bankers and brokers are likely to quickly capitalize on the refinance wave.

View the full jobs index.

Written by Elizabeth Ecker

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  • The Wells reverse job losses are just now beginning to materialize.  Besides that most who originate should land on their feet; however, the forward and administrative job situation is much, much different. 

  • Wells Fargo said its reverse team members were provided with opportunities to apply for other open positions within its 80-plus businesses.
    What false hope this statement is. Sure apply to our 80- plus businesses but why would this be any different than the general public applying? Wells don’t pretend like you are talking good care of those you let go. Just go away Wells Fargo!

    • 2545,

      You are more likely to go away before Wells.  One of their execs is on the newest NRMLA committee.

      What you are saying is that they did not offer you the training to qualify for a job in one of their other businesses.  Your gripe is with Wells.  Get an attorney and find out what rights you have unless you already signed them away which was your decision and no one else’s.

    • 2545,

      You are more likely to go away before Wells.  One of their execs is on the newest NRMLA committee.

      What you are saying is that they did not offer you the training to qualify for a job in one of their other businesses.  Your gripe is with Wells.  Get an attorney and find out what rights you have unless you already signed them away which was your decision and no one else’s.

    • 2545,

      You are more likely to go away before Wells.  One of their execs is on the newest NRMLA committee.

      What you are saying is that they did not offer you the training to qualify for a job in one of their other businesses.  Your gripe is with Wells.  Get an attorney and find out what rights you have unless you already signed them away which was your decision and no one else’s.

  • Raymond,

    What verification do you have for such envy?  It seems somewhat misplaced.  I have heard many stories with little to back it up and yes even from those coming from Wells Fargo.  Like some colleges are degree mills, Wells was a REAL reverse mortgage consultant “certificate” mill. 

  • Raymond,

    What verification do you have for such envy?  It seems somewhat misplaced.  I have heard many stories with little to back it up and yes even from those coming from Wells Fargo.  Like some colleges are degree mills, Wells was a REAL reverse mortgage consultant “certificate” mill. 

  • Raymond,

    What verification do you have for such envy?  It seems somewhat misplaced.  I have heard many stories with little to back it up and yes even from those coming from Wells Fargo.  Like some colleges are degree mills, Wells was a REAL reverse mortgage consultant “certificate” mill. 

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