Layoffs

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.

Hiring by nonbank mortgage lenders and brokers ebbed in September as the housing market prepares to pack it in for the colder months.

JPMorgan Chase is eliminating 400 positions in its mortgage banking unit, the latest lender to trim staff as a result of lower-than-expected demand in 2018.

Movement Mortgage, citing the continuing deterioration of the housing market, is eliminating approximately 180 back office positions on Oct. 5.

USAA will be eliminating 265 home sales and lending positions, but it already has offered nearly 100 of the affected workers different jobs within its mortgage unit.

The cuts are part of a broader effort to trim expenses by roughly $3 billion a year by 2020.

1st Alliance Lending plans to cut up to 35 employees in Connecticut and terminate efforts to expand its East Hartford headquarters in order to prepare for an expected increase in regulatory costs.

Wells Fargo & Co. is cutting 638 mortgage employees as the nation’s largest home lender contends with a slowdown in the business.

The Seattle company is firing 127 people, or a tenth of its mortgage staff, after enduring months of slow activity.