TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/188853
Local Edition or ig i nat ion ORIGINATION S e c on da r y M a r k e t a na ly t ic s se r v ic i ng "In a statement to Bloomberg, [Wells Fargo] spokeswoman Jennifer Temple said the laid-off workers have received 60 days' notice, and the firm will seek to retain as many as possible by moving them to other jobs." opening McLean's first office in the District of Columbia and on expanding the company's footprint in Maryland. Crowe is a seasoned mortgage executive with more than 25 years serving as a loan officer, branch manager, area manager, and builder sales manager. He has also been involved in industry organizations and serves on the board of governors of the Maryland Mortgage Bankers Association. "Charlie Crowe is an industry leader who represents the type of seasoned professional that will help our continuous efforts to expand McLean Mortgage's reach and leadership within the industry," said McLean president Nathan Burch. "Our company has closed over $1.1 billion thus far in 2013 and has become a nationally ranked retail lender in just five years by keeping our quality of service second-to-none within the industry." Churchill Announces New VP of Operations Cara Costa is now putting her expertise to work at the Tennessee-based firm. Wells Fargo Cutting 2,300 Production Jobs The nation's biggest lender is feeling the sting as the refinance market slows. CALIFORNIA // Wells Fargo, the nation's biggest mortgage lender, is reportedly getting set to cut more than 2,000 production jobs in response to the drop in refinance demand. According to a report from Bloomberg, "people with knowledge of the matter" said the bank is removing 2,300 jobs— about 20 percent of its 11,406 loan officers—as of March 31. In its story, Bloomberg cited 42 | The M Report an internal memo written by Franklin Codel, head of mortgage production at Wells Fargo, in which he noted that refinances have fallen to nearly half of total loan share—down from 70 percent in the year's first half. As a result, Codel said, the bank has "had to recalibrate [its] business to meet customers' needs." The shift reflects the lender's "focus on purchase business and strengthening our Realtor and builder partnerships" to build momentum in local markets, Codel added. In a statement to Bloomberg, company spokeswoman Jennifer Temple said the laid-off workers have received 60 days' notice, and the firm will seek to retain as many as possible by moving them to other jobs. Seasoned Industry Exec Joins McLean Mortgage Charlie Crowe's duties include working to expand the company's presence around Washington, D.C. VIRGINIA // Virginia's McLean Mortgage Corporation announced that Charlie Crowe has signed on to the company to reinforce expansion efforts in Washington, D.C., and Maryland. As VP of business development, Crowe will focus on TENNEESSEE // Churchill Mortgage, a Tennessee-based provider of conventional and government-insured residential mortgages across 30 states, named Cara Costa as its newest VP of operations. Costa has nearly three decades' worth of risk management and quality assurance experience. Previously with Franklin American Mortgage Company, she served as VP and wholesale national underwriting manager, a position that saw her directing a team of five regional managers and more than 70 underwriters. She also served as assistant VP and quality assurance manager there and was responsible for audits for correspondent, retail, and wholesale channels. Beyond her work experience, Costa has a number of industry