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Wells Fargo Relocates 350 Servicing Employees

money-fiveThe restructuring of mortgage servicing shops continues with Wells Fargo confirming Monday that the bank is moving approximately 350 home loan servicing members out of its offices in Charlotte, North Carolina, to an existing servicing center in Fort Mill, South Carolina.

A representative for Wells Fargo confirmed the move Monday when contacted by DS News for comment.

The representative said servicing team members “have been informed that their work sites are being relocated from multiple locations in Charlotte to our Fort Mill servicing center early next year.”

As for why the move is taking place, Wells Fargo cited an ongoing effort to “efficiently manage office space and take advantage of opportunities to enhance collaboration among team members, and the Home Lending Servicing organization’s efforts to consolidate work activities at its larger servicing sites.”

Wells Fargo's third-quarter earnings show servicing fees reaching $990 million in the most recent third quarter, down from $1.026 billion in the prior quarter.

Meanwhile, home lending originations fell to $55 billion, down from $62 billion in the second quarter of 2015.

About Author: Kerri Panchuk

Kerri Panchuk is an attorney and financial writer with more than a decade of experience covering real estate, default servicing, residential mortgage-backed securities, retail, macroeconomics, and commercial real estate. Panchuk graduated from the Southern Methodist University Dedman School of Law and texas Tech University, Panchuk previously served DSNews.com as online managing editor/producer and webcast anchor. In April, she rejoined the Fiver Star Institute as executive director of member groups, overseeing the development and growth of the National Appraisal Congress and Title and Closing Coalition. Panchuk is a member of the State Bar of Texas.
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