As the inventory of foreclosed properties has diminished at Wells Fargo & Co.’s mortgage banking unit, the company is reducing headcount in Maryland.

In Frederick, Maryland, Wells Fargo Home Mortgage operates a location that handles servicing and account management. Around 1,700 people work there.

But the Des Moines, Iowa-based home lender has seen fewer borrowers in default or foreclosure — leaving a reduced inventory of real-estate-owned properties.

Source: Mortgage Daily