A nationwide round of layoffs by Wells Fargo Home Mortgage will impact 400 employees — with a majority in two states. Falling loan originations are behind the job cuts.

The Des Moines, Iowa-based subsidiary of Wells Fargo & Co. has advised 400 people about their impending layoffs in 60 days. The notices went out across the country.

According to a statement from Wells Fargo Home Mortgage Consumer Lending Communications Alfredo Padilla, the decision was related to loan production.

Source: Mortgage Daily