Wells Fargo announced on Wednesday that it has reduced its Home Mortgage staff in Vancouver by 59.
The company said the cuts are the result of continuing market changes, including improvements in delinquency and foreclosure rates and only modest improvements in the demand for mortgage financing.
“Delinquency and foreclosure rates for mortgage loans have declined to the lowest level in four years and are expected to continue to move closer to historical averages in the coming year,” said Lara Underhill, vice president, media relations and communications for Wells Fargo. “With this substantial improvement, overall volumes are lower in Home Lending Servicing business functions, including collections, home preservation, foreclosure and bankruptcy.”
The company also reduced its mortgage staff in Portland, by 9.
“We are committed to retaining as many team members as we can, and where possible, we are working to identify other opportunities within Wells Fargo for affected team members,” Underhill noted.
Employees who are affected by the cuts are eligible to receive pay and benefits through April 3.
