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Items Tagged with 'Wells Fargo'

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Wells Fargo mortgage leader Michael Heid retiring

Will be replaced by head of mortgage production, Franklin Codel
Wells Fargo, the country’s largest mortgage lender, is about to have a new person leading its mortgage division for the first time in 11 years, as Michael Heid announced his retirement. He will be replaced by a familiar face, Franklin Codel, currently the bank’s executive vice president and head of mortgage production.


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TRID pushes Wells Fargo out of home equity loans

Right as nonbanks jump in
Wells Fargo stopped offering closed-end home equity loans due to the upcoming TRID rule taking effect on Oct. 3. But, right as Wells Fargo decides to exit the home equity loan business, one nonbank is excited to announce its latest venture.
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Regulatory uncertainty, toxic environment drive Wells Fargo, Prospect out of MSAs

Recent RESPA interpretation cited as top concern
Two major players in the mortgage space are discontinuing marketing activities that depend on Marketing Services Agreements because of regulatory uncertainty, recent interpretations of RESPA, and a generally toxic environment because of inconsistent CFPB enforcement. And more are rumored to be dropping MSAs, too. Here's why.
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Monday Morning Cup of Coffee: JPM Chase agrees to massive mortgage settlement

Wells Fargo wins in Los Angeles’ predatory lending suit; Happy Birthday CFPB!
JPMorgan Chase agreed to a massive settlement, stemming from a lawsuit that accused the bank of misleading investors about the quality of pre-crisis residential mortgage-backed securities. And did you know the CFPB turns 4 this week? There's still time to get them a present.
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Wells Fargo victorious in Chicago-area predatory lending lawsuit

Judge dismisses claims brought by Cook County
Wells Fargo secured a victory in court Friday, when a U.S. District Judge dismissed a lawsuit brought against the lender by Cook County, Illinois, which accused the bank of predatory lending. Cook County accused Wells Fargo of steering minority borrowers into higher-priced loans.
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OCC slaps Wells Fargo, JPMorgan, others with mortgage servicing restrictions

Failed to fulfill requirements of the Independent Foreclosure Review
The Office of the Comptroller of the Currency slammed Wells Fargo, JPMorgan Chase and other banks with new mortgage servicing restrictions due to their failure to comply with requirements of the Independent Foreclosure Review, the Office of the Comptroller of the Currency announced Wednesday.
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