You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

breaking news

West Liberty shooting victim has shotgun pellet in his heart

Wells Fargo to lay off 2,300 mortgage workers


NEW YORK (AP) — Wells Fargo is laying off workers from its mortgage unit, the latest sign that the mortgage refinancing boom has cooled.

The San Francisco-based bank said it sent 60-day notices to about 2,300 mortgage employees on Wednesday. The layoffs will be at “locations across the country,” the bank said in a statement, and a spokesman declined to give details.

Earlier this month, Wells Fargo said it will close its West Chester Twp. location, 9021 Meridian Way. Wells Fargo issued a statement Aug. 7 saying that 68 employees at the West Chester Twp. office were given a 60-day notice for layoffs.

The bank said it had to lay off workers because mortgage refinancing demand had dropped compared to 2012 and early 2013. Wells Fargo is the biggest mortgage lender in the U.S., and its results have been greased in recent quarters by waves of homeowners refinancing their loans to take advantage of low interest rates.

Rates have been rising since the spring, though, as investors bet that the Federal Reserve will rein in some of its programs meant to stimulate the economy, starting perhaps as early as next month. The average rate on a 30-year, fixed-rate mortgage is about 4.6 percent, still a historic low but up from 3.6 percent three months ago.

Last month, Wells Fargo reported that it received $146 billion in applications for first mortgages from April to June, with refinancings making up 54 percent. That was down from a year ago, when the bank received $208 billion in applications with refinancings making up 69 percent.

The layoffs make up less than 1 percent of Wells Fargo’s total workforce.


Reader Comments ...


Next Up in Business

Moorefield Twp. rezoning case withdrawn after neighbors object
Moorefield Twp. rezoning case withdrawn after neighbors object

A property owner seeking to rezone his land for a storage facility in Moorefield Twp. has withdrawn his application after neighbors expressed concerns about traffic safety. Don Castle submitted a rezoning application to the Clark County Community Development office to change 3720 Moorefield Road from agricultural to business-use and allow for the building...
Gas prices expected to spike this week
Gas prices expected to spike this week

Ohio drivers, along with motorists in Michigan, Indiana and Kentucky, could see gasoline prices jump in the next two days ending a continuous price drop within recent weeks.  Average gas prices dropped 31 cents in Ohio, 19 cents in Kentucky, 32 cents in Indiana and 29 cents in Michigan over the last three weeks.  By Friday, gas...
Unemployment rate rises slightly in Clark County
Unemployment rate rises slightly in Clark County

Clark County’s unemployment rate rose slightly in December, according to figures released Tuesday by the Ohio Department of Job and Family Services. Clark County’s unemployment rate was 4.8 in December, up slightly from 4.7 percent the previous month, according to the jobs report. The unemployment rate in Clark County was 4.9 percent at...
The Limited parent company files for bankruptcy
The Limited parent company files for bankruptcy

The parent company of women’s clothing store The Limited has filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Court, and the store website has been taken offline. The petition was filed by Limited Stores LLC in U.S. Bankruptcy Court for the District of Delaware. The company also entered into an asset...
Downtown Springfield business to close in March
Downtown Springfield business to close in March

Revival: The Art of Healing, a yoga and tea bar located in downtown Springfield, announced that March 1 will be its last day in business. The announcement came as a shock to their customers as the studio made the announcement on their Facebook page. RELATED: Winans Chocolate & Coffees opens in downtown Springfield The statement said, “We wish...
More Stories