Wells Fargo to cut 1,900 jobs from mortgage unit

An advertisement for home mortgages is shown at a Wells Fargo Bank in Menlo Park, Calif., Thursday, July 8, 2010. Mortgage rates fell for the second straight week to the lowest point in five decades. But many people either don't qualify for new mortgages or have already taken advantage of the low rates this year.(AP Photo/Paul Sakuma)

April 8, 2011 4:47:07 PM PDT
Wells Fargo is cutting 1,900 jobs from its mortgage unit as fewer borrowers apply for loans.

Most of the layoffs will be in mortgage processing and servicing. The banks say many of the employees were short term hires because of the cyclical nature of the mortgage business.

Loan applications slipped to $73 billion at the end of last year compared with $101billion in the third quarter. The job losses are less than one percent of the bank's workforce.