Business Briefs

Wells Fargo to close Durham loan-processing center

Posted August 18, 2009 4:17 p.m. EDT

— Wells Fargo Home Mortgage plans to close its wholesale lending operation in Durham, eliminating 62 jobs, officials said Tuesday.

The Durham facility processes loans for third-party mortgage brokers, and the work will be transferred to Wells Fargo's wholesale loan processing center in Charlotte.

“The changes we're making allow us to operate in the most economical and efficient manner possible,” Kathleen Vaughan, executive vice president for Wells Fargo's wholesale lending business, said in a statement. “We're adjusting business to the realities of the current market and loan application volume. The site consolidation ensures that we continue to meet business targets related to customer service, productivity and profitability."

The affected employees will be able to apply for open positions within the financial services company, and managers have been asked to give them special consideration in hiring. The company also will provide the employees with outplacement assistance.