Shifting customer needs and market dynamics have prompted Wells Fargo to close its servicing site in Milwaukee, Wisconsin, thus reducing the bank’s workforce by 1,000, according to a statement from Wells Fargo. Wells Fargo cited the improving economy in the last two years along with steady declines in delinquencies and fewer borrowers in need of mitigation options to avoid foreclosure as contributing factors to the closing of the Milwaukee office.
Mortgage delinquencies and foreclosures are at 8-year lows. The mortgage segment is dead … it’s dried up. All that is left is $3 mortgage inspections in bad neighborhoods.
The mortgage segment is dryer than the skin on a 5,000 year old mummy.