Wells Cans Hundreds of MLOs
without even seeing the video, is it surprising a bank is laying off under performing LO’s. Not really, because banks do not even understand why they are losing market share daily. It’s an extremely simple answer and not one bank understands that they deliver the worst service in the industry. Missed or moved closings, 45 days to do loans, poorly trained operational staff and the list goes on. At the Big Banks the operations staff does not even know who the customer is and why they are important. Hint, it’s not the borrower and the stupid continues.
Refinance loans are at their lowest level in over 20 years, and that’s why large lenders (and many mid-size ones) are laying off originators. They just don’t have the volume to justify their position. Yes, processing and missed or moved closings can hurt, but it’s more about volume than anything.
NO video !!!
I can see the video….but can’t hear it.
Hi guys, I’m a Wells Fargo LO & we’re not the ones that got laid off, it was the operations department of processors, underwriters & closers. It was 5 different states but it wasn’t the LO’s – just clarifying. Volume is down across the board for all lenders but we shall find a way to overcome.
Used to work for Wells. There marketing material could be better, but there are people who will foolishly do business with them because they are Wells Fargo.
Usually you have the facts right. Not this time. It was not Originators in any of those locations or in those numbers. You need to print a retraction. Also haven’t seen you mention all of the large local lenders who also have had to lay off staff due to a reduction in volume.
So rather than reassigning experienced staff to bolster underserved locations that could use more processors, underwriters and closers, WtF continues to staff down to maintain poor service. Quick to downsize, battleship slow to upsize and retrain skills. Send your borrowers to a local independent originator who will provide good service then buy you a beer when you settle smoothly and on time.
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