{"id":1656,"date":"2013-09-19T11:23:16","date_gmt":"2013-09-19T15:23:16","guid":{"rendered":"http:\/\/1db-blog.1db.com\/?p=192"},"modified":"2020-06-08T23:38:08","modified_gmt":"2020-06-08T23:38:08","slug":"1800-more-job-cuts-in-residential-mortgages","status":"publish","type":"post","link":"https:\/\/beta.1db.com\/?p=1656","title":{"rendered":"1,800 More Job Cuts in Residential Mortgages"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><strong>Wells Fargo Cutting 1,800 More Jobs in Mortgage Business<\/strong><\/p>\n<p>By\u00a0Dakin Campbell\u00a0&#8211;\u00a0Sep 19, 2013<\/p>\n<p><a title=\"Get Quote\" href=\"http:\/\/www.bloomberg.com\/quote\/WFC:US\">Wells Fargo &amp; Co. (WFC)<\/a>, the biggest U.S. mortgage lender, is eliminating about 1,800 more jobs in its home-loan production business as rising mortgage rates curtail borrowers\u2019 demand for refinancing.<\/p>\n<p>The reductions are in addition to 3,000 earlier this quarter, Tom Goyda, a spokesman for the San Francisco-based bank, said in an interview yesterday. Those included 2,300 announced Aug. 21 and smaller cuts prior to that, Goyda said.<\/p>\n<p>Wells Fargo is cutting jobs as higher borrowing costs slow refinancings and new home purchases fail to compensate for the decline. The bank may originate about $80 billion in home loans in the third quarter, a 29 percent drop from the three months that ended June 30, Chief Financial Officer Timothy Sloan said Sept. 9.<\/p>\n<p>Wells Fargo was the biggest employer among U.S. banks at midyear with about 274,000 people. The workers whose positions are being cut received 60 days\u2019 notice, Goyda said.<\/p>\n<p>Mortgages typically are divided into those for refinancing existing loans and those for home purchases. While refis are mainly tied to the level of\u00a0<a href=\"http:\/\/topics.bloomberg.com\/interest-rates\/\">interest rates<\/a>, purchase mortgages are tied to home-sale activity.<\/p>\n<p>Borrowing rates\u00a0<a title=\"Get Quote\" href=\"http:\/\/www.bloomberg.com\/quote\/USGG10YR:IND\">climbed<\/a>\u00a0in recent months amid speculation that the\u00a0<a href=\"http:\/\/topics.bloomberg.com\/federal-reserve\/\">Federal Reserve<\/a>\u00a0would scale back its $85 billion-a-month in purchases of Treasury bonds and mortgage-backed securities. The central bank yesterday said it will continue the purchases, saying it needs more evidence of lasting improvement in the economy.<\/p>\n<p>To contact the reporter on this story: Dakin Campbell in\u00a0<a href=\"http:\/\/topics.bloomberg.com\/new-york\/\">New York<\/a>\u00a0at\u00a0<a title=\"Send E-mail\" href=\"mailto:dcampbell27@bloomberg.net\">dcampbell27@bloomberg.net<\/a><\/p>\n<p>To contact the editors responsible for this story:\u00a0<a href=\"http:\/\/topics.bloomberg.com\/christine-harper\/\">Christine Harper<\/a>\u00a0at\u00a0<a title=\"Send E-mail\" href=\"mailto:charper@bloomberg.net\">charper@bloomberg.net<\/a>; David Scheer at\u00a0<a title=\"Send E-mail\" href=\"mailto:dscheer@bloomberg.net\">dscheer@bloomberg.net<\/a><\/p>\n<p align=\"center\">\u00ae2013 BLOOMBERG L.P. ALL RIGHTS RESERVED.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Wells Fargo Cutting 1,800 More Jobs in Mortgage Business By\u00a0Dakin Campbell\u00a0&#8211;\u00a0Sep 19, 2013 Wells Fargo &amp; Co. (WFC), the biggest U.S. mortgage lender, is eliminating about 1,800 more jobs in its home-loan production business as rising mortgage rates curtail borrowers\u2019 demand for refinancing. The reductions are in addition to 3,000 earlier this quarter, Tom&#8230;<br \/><a class=\"button read-more\" href=\"https:\/\/beta.1db.com\/?p=1656\">Continue<span class=\"hide\"> 1,800 More Job Cuts in Residential Mortgages<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1656","post","type-post","status-publish","format-standard","hentry","category-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>1,800 More Job Cuts in Residential Mortgages - Financial Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/beta.1db.com\/?p=1656\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"1,800 More Job Cuts in Residential Mortgages - Financial Advisors\" \/>\n<meta property=\"og:description\" content=\"&nbsp; Wells Fargo Cutting 1,800 More Jobs in Mortgage Business By\u00a0Dakin Campbell\u00a0&#8211;\u00a0Sep 19, 2013 Wells Fargo &amp; Co. (WFC), the biggest U.S. mortgage lender, is eliminating about 1,800 more jobs in its home-loan production business as rising mortgage rates curtail borrowers\u2019 demand for refinancing. 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(WFC), the biggest U.S. mortgage lender, is eliminating about 1,800 more jobs in its home-loan production business as rising mortgage rates curtail borrowers\u2019 demand for refinancing. 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