How to buy a home in 10 basic steps
Wells Fargo Bank announced Thursday that 190 employees have been cut from its Rancho Cordova mortgage loan division as part of a nationwide staff reduction.
The local cutbacks were just a portion of the 683 mortgage lending employees who were laid off nationally. All of those employees received 60-day notices on Thursday, Wells Fargo spokeswoman Yahaira Garcia-Perea said, adding that some may be offered other positions within Wells Fargo Home Mortgage.
The layoffs coincide with a nationwide slowdown in housing sales, a drop in the number of people who can afford a median-priced home in California and rising interest rates on mortgages.