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(CNBC)   Wells Fargo mortgage staff bracing for layoffs as they realize there's no way they can write enough fake unqualified loans to keep their jorbs   (cnbc.com) divider line
    More: Followup, Mortgage, Mortgage loan, Loan, Mortgage volumes, Wells Fargo, Bank, recent weeks, Lien  
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335 clicks; posted to Business » on 02 Nov 2022 at 4:25 PM (13 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



8 Comments     (+0 »)
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2022-11-02 1:13:58 PM  
They need to end up living in cardboard boxes.

Wet. Cardboard boxes
 
2022-11-02 3:39:31 PM  
I've been laid off before, completely unexpectedly. It sucks.

That said, I'm not surprised as interest rates climb, obviously new and refinanced home mortgages decrease.
 
2022-11-02 6:59:30 PM  

AirForceVet: I've been laid off before, completely unexpectedly. It sucks.

That said, I'm not surprised as interest rates climb, obviously new and refinanced home mortgages decrease.


At my mortgage employer, it's investment properties keeping us afloat, mostly. And I hate those people. Today's rate hike will only make it worse.
 
2022-11-02 10:30:13 PM  
It's really weird now to look at calculators.  If we found another house that we loved, at the exact same price as our house would sell for, it would still cost us an extra $1000/mo thanks to interest rates - we're locked in at 2.625%, and paying less than $2K/mo.

If we wanted to get a place just a bit nicer - sell this one for $500K and buy a place for say, $650K, it would be nearly $2000 more a month.  Slightly bigger, nicer house, nearly double the price.

There are definitely some golden handcuffs going on right now.
 
2022-11-03 12:27:16 AM  

ThePea: AirForceVet: I've been laid off before, completely unexpectedly. It sucks.

That said, I'm not surprised as interest rates climb, obviously new and refinanced home mortgages decrease.

At my mortgage employer, it's investment properties keeping us afloat, mostly. And I hate those people. Today's rate hike will only make it worse.


Yep, this.

Mortgage folks getting laid off from WF is a rite of passage. Happens to all of us.
 
2022-11-03 7:03:26 AM  
Is it 2007 again already?
 
2022-11-03 8:22:32 AM  
Exactly Subby It's for this reason I avoid Wells Fargo like a plague.
 
2022-11-03 1:33:40 PM  
In 2012, we were trying to do a short sale from across the country where the military had moved us, based on the Soldier's Relief Act the feds were pressing mortgage companies to follow. Wells Fargo allowed us to go through the entire process, w/ offers & everything, but would never OK a sale. And if I called them & left a voicemail or they called me & I missed their call I had to wait a day b/c they weren't allowed to call more than once in a day on any file. After months of them refusing offers out of hand, we demanded to know what was going on. What they did was call & tell me we were never eligible for a short sale. What about the Soldier's Relief Act? They told us that Wells had chosen not to follow that 'federal guidance'. But if we wanted to apply for a short sale based only on financial hardship we were welcome to start the process over.
They're evil. I don't care if they change every bulb in every fixture, much less staff, Wells Fargo is irredeemable & should fall into a volcano.
 
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