Thread regarding Wells Fargo & Co. layoffs

I've been inmortgage a long time in just about every role there is. No I do not agree we need less roles/positions. What we need is to go back to how things used to be where HLP takes care of entire process, underwriter is responsible for a complete review, etc. No more departments that review 1 stip only ie: insurance, title, etc. Also loan closers don't talk to customers anymore. Feels like that position will be one of the first to be eliminated in future. There is a reason why many employees get their mortgage elsewhere. Night and day difference between us and other big banks/lenders.

@3afk+1uP9mHw0 Yeah we should all stay in our lane. At direction of management (who know all about the mortgage process) I took the "laid off" exit off your freeway to h...l along time ago. This bank's mortgage process is the most convoluted of the major banks. The bank should just sell their book to Rocket.

@3afk+1uP9mHw0

My main point is that we don’t need less people, it’s that we need less roles. Too much separation of duty makes things super inefficient and if you have a slow underwriter or slow loan processor you’re just sc--wed. And it becomes a bad experience for everyone.

Stay in your lane (LOB) its obvious you know not a damn thing about mortgage. It's offensive to those hanging on by a thread here and that goes for any LOB, to read your critique of team members positions, let alone simplify it all in the underlying tone of streamlining (really downsizing). you are either mgmt, displacement or just an a--hat!

@3mfk+1uP9mHw0

Do we still have any high producers in WFHM?

If you're working with a private mortgage banker/top producer, they'll also have 1 or more HMA (home mortgage assistant) that will handle most of the communication/document requests. Also don't forget HLF (home loan funder) that sends the wire once closing is confirmed and docs are signed.

HLP is mostly on top of making sure appraisal, title, insurance, etc. get ordered and having a complete file prior to submitting to UW. Most of the stipulation updating is now done by offshore teams when a document comes in thats deficient. Rest assured there's rampant grammatical errors/erroneous text being sent out to customers.

@1clt+1uP9mHw0

They’re addicted to McKinsey and Company when they really need Booz, Allen & Hamilton.

I am convinced there isn't a single logical, efficient process in the entire "Firm."

Efficiency is improving financial performance through staff reduction not operations improvements. Never forget that. Now get out of here with your pragmatism would ya?

The home loan processor does a lot more than what you described. Clearly you know nothing about the mortgage business.

Underneath all these processes are multiple tech processes. These handle the data representing and tracking the business processes. Multiple data silos filled with etl routines, rules, and processes.

*laying a bunch off not paying a bunch off