Sept. 19--Wells Fargo Home Mortgage said Wednesday it will cut 332 more jobs at its offices in the Twin Cities.
The cuts follow a decline in mortgage refinancing activity throughout 2012 and in early 2013, Peggy Gunn, a Wells Fargo spokeswoman, said in an email Wednesday.
The cuts will take place over the next 60 days.
The layoffs at Wells Fargo Home Mortgage follow an announcement of 350 job cuts in the same division July 18.
"After looking at the current market and our business needs, we are reducing 332 positions locally to respond to this change in demand and better align and increase the efficiency of our organization," Gunn said.
Most of the layoffs are occurring at Home Mortgage's campus in South Minneapolis, with another handful at offices in Bloomington.
Nationwide, 1,865 mortgage- unit employees at Wells Fargo are being let go, the bank announced Wednesday.
The reductions in the Twin Cities leave 20,000 Wells Fargo employees in Minnesota, with about 8,000 of those working for the Home Mortgage business.
As mortgage interest rates started rising earlier this year, refinancing activity has been cut in half, by some estimates.
Currently, the average rate for a 30-year mortgage loan is 4.7 percent, compared to 3.34 percent at the start of the year, according to data at bankrate.com.
A rise in interest rates was seen as a likely result of the Federal Reserve easing its efforts to pump liquidity into the U.S. market, though the Fed announced Wednesday that it's not making any changes to its quantitative easing program at this time.
John Welbes can be reached at 651-228-2175.
(c)2013 the Pioneer Press (St. Paul, Minn.)
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Distributed by MCT Information Services
Original headline: Wells Fargo Home Mortgage cuts 332 Twin Cities jobs
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