News

Settlement approved: Wells Fargo customers will get $50 million for overcharged mortgage fees

Class action settlement over Broker Price Opinions is finalized
Borrowers who had a mortgage serviced by Wells Fargo between May 6, 2005 and July 1, 2010 will soon receive their share of a $50 million settlement stemming from allegations that Wells Fargo overcharged borrowers for Broker Price Opinions during that period, as a class action settlement covering the overcharging is now finalized.
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Former Wells Fargo exec claims bank fired her for refusing to scam customers

Lawsuit claims that bank’s executives pushed for fake accounts
A former executive at Wells Fargo claims in a lawsuit that the bank fired her because she refused to participate in a scam like the bank’s well-publicized fake account scandal, which led to a $185 million fine after more than 5,000 of the bank’s former employees opened more than 2 million potentially unauthorized accounts to get sales bonuses.
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Orlando home sales soar 40% higher month-over-month

Housing inventory reaches lowest point since 2013
Home sales skyrocketed in March by 40% compared to February as homebuyer activity increased in Orlando. However, this jump put even further strain on an already inventory-starved market, bringing housing supply to levels not seen since 2013.
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Want to become a mortgage broker? Here are tips on how to get started

What are the common misconceptions?
Mortgage brokers fall into the entrepreneur/startup category of the mortgage finance world. After taking a serious hit in the aftermath of the financial crisis, the industry is seeing a rebound in interest, especially as people think about how much money they can make if they work hard. So do you have what it takes to become a broker? Here's some advice from brokers themselves on where to start.
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Despite adverse conditions, California home-buying season off to a good start

Housing inventory drops to 2017 low
While low housing inventory and slow wage growth are par for the course in California, the state pushed past those roadblocks to record a strong start to the year. But strong housing demand, coupled with a shortage of available homes for sale, is still causing major problems for the state, as California Association of Realtors President Geoff McIntosh explains.
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Trump reportedly close to choosing the new "most powerful man in banking"

Set to name Randal Quarles as Fed vice chairman of supervision
President Donald Trump is reportedly close to choosing a replacement for the “most powerful man in banking.” That characterization is in reference to Daniel Tarullo, who recently stepped down as a member of the Board of Governors of the Federal Reserve System. Here are the details on Trump's reported choice to serve as the Fed's new vice chairman of supervision.
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Builder confidence subsides slightly in April

Comes down off unusually high March reading
Homebuilder confidence fell off from the high reported in March, decreasing three points in the Housing Market Index in April. However, despite this decrease, experts point out that builder confidence remains at solid levels.
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