Wells Fargo Home Mortgage, Des Moines, Iowa, is closing its wholesale lending operations center in Concord, Calif., saying it can get better efficiencies of scale by shifting the work to another wholesale loan processing center located in Irvine, Calif.
However, the company said it remains committed to the wholesale lending channel. Kathleen Vaughan, executive vice president, said in a statement mortgage brokers play an important role in the lending industry, because they bring competition to the marketplace and offer choice for borrowers.
Wells Fargo's decision to close the Concord location is based on the belief that "there are some jobs that can be done more efficiently by consolidating the work to a larger work site where there is more support," she said.
There are 137 employees that will be affected by the closing. Company managers with any open positions have been asked to give these workers special consideration if they apply for a job. "An advantage of being part of a national diversified financial services company with 80-plus businesses is the ability to manage the ebb and flow of staffing required for each business. Retaining talented team members has always been and will continue to be a top priority for our company," said Vaughan.
