Wells Fargo Slashes Almost 500 Mortgage Jobs

Wells Fargo recently announced that the company has cut nearly 500 mortgage employees for housing market-related changes.

Wells Fargo told MReport that the reasons behind the massive amount of job cuts was "the result of continuing market changes, including improvements in delinquency and foreclosure rates and reduced demand for mortgage financing."

According to the financial institution, a grand total of 490 team members were affected across the country.

Wells Fargo said that all team members will receive pay and benefits until December 19, 2015.

"The decision to reduce our workforce is made with great concern for the team members who are affected," said Alfredo Padilla, a Wells Fargo spokeperson. "Wells Fargo is committed to retaining valued team members and, where possible, we will work to identify other opportunities within Wells Fargo."