Wells Fargo to Cut 1000 Mortgage Servicing Jobs

Category: National Mortgage News
Published: Sunday, 05 April 2015
Written by Admin

Wells Fargo announced the closure of a mortgage servicing site and the retirement of a longtime commercial banking executive Wednesday.

The company will lay off around 1,000 employees in Milwaukee as it closes the West Parkland Home Lending Servicing facility in late July. The sites closure will not impact Wells Fargos banking stores or its other lines of business.

The site was primarily focused on assisting delinquent customers, a company spokesperson told National Mortgage News. Significant declines in delinquencies have led to reduced customer demand and shifting market dynamics, and therefore the sites closure.

San Francisco-based Wells Fargo said it would help affected employees by making them aware of other opportunities within the company.



Mortgage Rates Barely Budge: Freddie Mac

Category: National Mortgage News
Published: Saturday, 04 April 2015
Written by Admin

Mortgage rates largely stayed put amidst mixed housing data as the March jobs report looms, according to Freddie Macs weekly Primary Mortgage Market Survey.

Rates for the week ending April 2 remained around where the market stood at the start of 2015, according to the survey. The final estimate for real GDP growth kept to the prior figure of 2.2%, while the National Association of Realtors said pending home sales exceeded expectations by rising 3.1%.

The pending home sales index was at the highest level since June 2013 when 30-year fixed mortgage rates averaged 4.07%, 0.37 percentage points higher than this weeks survey, said Freddie Mac’s deputy chief economist Len Kiefer in an April 2 news release.

The average rate for a 30-year fixed-rate mortgage moved up to 3.7% from 3.69% the week prior, while the 15-year FRM rose to 2.98% from 2.97%.



Call for Nominations: Origination News Top Producers

Category: National Mortgage News
Published: Friday, 27 March 2015
Written by Admin

Origination News and National Mortgage News are pleased to begin accepting submissions for the 2015 Top Producers, an annual ranking of mortgage loan officer and broker origination volume.

Click here to access the online nomination form. The deadline for all submissions is 6 pm EDT, Wednesday, April 1, 2015.

Participation is open to mortgage loan officers and mortgage brokers who work at depository, nonbank and mortgage brokerage firms in the United States. Information submitted about 2014 loan production will be used to compile this years Top Producer Rankings.

This years survey has been completely overhauled to provide a better user experience for applicants and to facilitate some new features. In addition to the questions about applicants 2014 loan volume, there are five questions designed for applicants to discuss the strategies that make them successful. These questions will serve as the basis for future profiles and other content to feature the applicants.



Call for Nominations: ON Top Producers

Category: National Mortgage News
Published: Monday, 16 March 2015
Written by Admin

Origination News and National Mortgage News are pleased to begin accepting submissions for the 2015 Top Producers, an annual ranking of mortgage loan officer and broker origination volume.

Click here to access the online nomination form. The deadline for all submissions is 6 pm EDT, Wednesday, April 1, 2015.

Participation is open to mortgage loan officers and mortgage brokers who work at depository, nonbank and mortgage brokerage firms in the United States. Information submitted about 2014 loan production will be used to compile this years Top Producer Rankings.

This years survey has been completely overhauled to provide a better user experience for applicants and to facilitate some new features. In addition to the questions about applicants 2014 loan volume, there are five questions designed for applicants to discuss the strategies that make them successful. These questions will serve as the basis for future profiles and other content to feature the applicants.