Wells Fargo cut over a hundred jobs in its mortgage division this week following its decision to exit the correspondent channel and shrink its servicing portfolio. 

A Worker Adjustment and Retraining Notification (WARN) filed in Illinois on January 18 outlines the bank’s plan to impose layoffs that will affect 140 employees. The workforce reduction started on Tuesday at the Wells Fargo Mortgage office in Springfield. 

“As we said in our January 10 press release, we are exiting the correspondent lending business. The 140 employees in Springfield are part of the correspondent team,” a spokesperson for Wells Fargo told HousingWire.

The bank did not details ⇒

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