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Like other mortgage lenders, the San Francisco megabank has been cutting staff since refinancing volumes started to fall. Additional layoffs are expected over the next couple of quarters, according to the bank’s chief financial officer.

The mortgage giant said departing employees accounted for approximately 81% of the volume achieved by its New York operations in the past year.

These results are likely to be mirrored by the nonbank lenders when they report earnings, said Keefe, Bruyette & Woods.

Eric J. Spitler, adjunct professor of law at the University of North Carolina School of Law, served as director of legislative affairs for the Federal Deposit Insurance Corp. and the U.S. Securities and Exchange Commission.

Both the 203(k) and Title 1 programs have not gotten attention by the agency for quite some time, senior officials admitted during a briefing.

Wells Fargo missed analysts’ earnings estimates as home lending slowed and the bank set aside more than expected for potentially soured loans as the Federal Reserve’s rate hikes started to cool the once-hot housing market.

The San Francisco bank reported a 31% increase in loan originations during the second quarter. Analysts are wondering whether it will be able to secure enough low-cost funds to avoid eroding margins.

The embattled mortgage business cut approximately 72% of its workforce over a six-month period, according to a Securities and Exchange Commission filing.

A class action said the company, which has suffered two breaches in the past year, also was responsible for a larger breach and “downplayed” the situation when it notified consumers.

Following their largest drop in over a decade one week ago, averages rapidly swung upward as recession talk receded.