Please stop laying off and grouping processors into hub locations. Charlotte is the worst talent. The managers can’t manage and the processors can’t process. With as few loans as we can barely manage to scrape up our current operations group destroys our business with realtors and Builders. Stop the madness and get quality people back that know the business. Whoever had the stupid idea should be fired!!!!!
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Who would start it back up again after they've burned to it the ground and everyone at the company that knows anything about mortgage has been downsized? Rebuilding our relationships with customers, agents, builders, etc. from scratch would take a good amount of work.
"It’s easier to rebuild at a later date."
Actually, it's better to be prepared and ready for when that does happen. Home prices are already rebounding.
Ugh. So let me point out the obvious. When rates keep increasing it’s no longer an opportunity. When rates go down, you build back up. That can be years from now. It’s easier to rebuild at a later date.
Yeah, there will be one to manage and a lot less would get accomplished.
They fear if the offered severance most key people with know how that perform critical functions would leave. All there would be left would be middle managers, risk managers, project managers, and product managers.
Exactly. Our diverse LOBs was always a strength. The HY crowd has decided to put all our eggs in a basket that we aren't even competitive in, not at the scale necessary to justify the company's existence. The current trend in the mortgage market was a great opportunity to streamline and reinvent our mortgage business model, ala Rocket Mortgage, so they when the market came back we'd be poised to grow. Instead, they are just going to burn it to the ground, and they are doing it very intentionally.
If WF would offer voluntary severance packages, it could help save jobs in your department. Just let me go WF and let someone more needed stay on.
Imagine being one of the largest banks in the country and somebody decides to exit the Mortgage business. FFS, how bad do you have to be that you can't handle the mortgage business. WTF they gonna do to make money? We're small taters for cards. Banking (checking/savings) doesn't make money except for fees. WIM? lol. Our brokerage is nowhere near the likes of Schwab/TDA/etc. Wholesale? Yeah, that used to be 1/2 of the revenue of the company.
Cr-ppy performing employees allows middle management to justify shipping jobs over seas to save a little on labor and maximize their bonus. It definitely doesn't matter to stock price and shareholder value. Management is sabotaging the business for short term gains on their w-2's.
Wish the board and the CEO were competent enough to realize this. Only thing holding mortgage stateside is OCC rulings and NMLS requirements.
Auto will be next
It's a feature, not a bug.
I'm guessing that the decision-makers are facing a certain amount of resistance to doing what they want to do, which is exiting mortgage all together. To address that, their plan is to make sure that the group fails on a functional level first, to pave the way for their final solution. A lot like government intervention in healthcare, actually.
Isn’t the bank exiting from Mortgage altogether?