A rebound in mortgage rates from last year's near-record low has reduced consumer demand for home loans and refinancings, leading Wells Fargo & Co. to join other industry stalwarts in laying off loan processors and related workers.
The San Francisco bank, the nation's No. 1 mortgage lender, has handed pink slips to about 1,900 workers who had processed loans generated both by Wells' mortgage unit and by independent brokers, a spokesman said Thursday. ... Notifications went out March 23 telling affected workers their jobs would end in 60 days ...
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