Preferred Home Mortgage prepares for layoffs

Beginning April 1, Wells Fargo will assume control of PHMC’s mortgage business. A committee comprised of three representatives from each company will jointly manage this venture. According to a PHMC spokeswoman, Wells Fargo will also provide staffing for administrative departments, such as accounting and human resources. This eliminates the need for PHMC to maintain these divisions, where the majority of the layoffs will occur. The layoffs will begin in mid-April and run through July.

A full service mortgage banker, Preferred Home Mortgage has offices in eight different states but is based in Tampa.