Wells Fargo on Wednesday announced it is laying off 36 mortgage employees in Fort Mill and Charlotte, as lenders nationwide continue to pare their mortgage workforces.
The cuts are part of 182 the company announced nationwide, Wells Fargo spokesman Josh Dunn said. Of those, 40 were in Raleigh, the only other market in the Carolinas affected, he said.
The San Francisco-based lender attributed the cuts to a decline in delinquent home loans, falling foreclosure rates and lower demand from homeowners to refinance mortgages.
Other banks, including Charlotte-based Bank of America, have announced layoffs of mortgage staff in recent years because of similar trends.
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Dunn said in a statement that the layoffs were made after “carefully evaluating market conditions and consumer needs.” Affected employees were given 60 days’ notice, he said.
“The decision to reduce our work force is made with great concern for the team members who are affected,” Dunn said.
Banks have been laying off mortgage staff as foreclosure rates continue to fall and higher interest rates decrease demand to refinance home loans. In July, Wells Fargo announced 91 layoffs in its Fort Mill mortgage operation.
Dunn said laid-off employees will be eligible to receive pay and benefits through Nov. 14. If the employees cannot find other jobs within the bank, they may be eligible for the company’s salary-continuation plan based on their years of service with the lender.
Wells Fargo employs roughly 23,000 in the Charlotte metropolitan area, its biggest employment hub.