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Wells Fargo increasing mortgage staff as refinancing applications surge

Wells Fargo & Co. is increasing its mortgage staff as mortgage volumes are increasing, Reuters reported, citing a company memo.

The banking giant has increased its fulfillment staff by more than 10% so far in 2019, company spokesman Paul Turner told S&P Global Market Intelligence in an email. He noted that the "unexpected but very favorable" rate environment since March has led to more mortgage applications and refinance inquiries. The Mortgage Bankers Association forecasts total originations for the year to be up 11% from expectations at the start of 2019, he added.

Reuters reported that a number of the hires will be in Des Moines and Minneapolis. The company in 2018 laid off hundreds of its mortgage staff in those same cities, according to the report.