Fidelity National bails out Landcastle Title

Fidelity National bails out Landcastle Title

Discovered “substantial account misappropriations”

Closing a mortgage finally makes money

Breaks 6 quarters of straight losses

WATCH: FHFA Director Watt ensures HARP is "not a scam”

800,000 families still eligible for HARP
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Items Tagged with 'Wells Fargo'

ARTICLES

Wells Fargo CEO: GSEs choke mortgage business

“We’re just not going to make those loans”
Brena Swanson
Wells Fargo CEO John Stumpf warned the government-sponsored enterprises that they must stop being so quick to accuse banks of faulty underwriting and then forcing them to repurchase soured loans.
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WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”
Ben Lane
"Why are we charging the stock holders instead of going after the people who did wrong?” former Wells Fargo CEO Dick Kovacevich said. “Corporations don't engage in criminal behavior. They don't take advantage of innocent people. People do.”
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Wells Fargo ups commissions to spur loan production

Increases loan officers' pay in effort to counteract declining volumes
Ben Lane
Wells Fargo has decided to combat its decreasing loan revenues by increasing the amount of commission it pays to its loan officers. The bank hopes this will stem the decline in its mortgage origination volume.
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Wells Fargo loosens jumbo mortgage standards

Attempts to offset decline in originations
Brena Swanson
Wells Fargo has reduced some of its standards for high-priced home loans in order to combat the industry-wide plummet in mortgage volume.
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Ocwen's regulatory burdens send up red flags and drive down stock price

Analysts lower price target, Citi drops buy recommendation
Trey Garrison
Heightened regulatory burdens and compliance costs continue to drag on Ocwen Financial a day after its second quarter earnings are announced.
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S&P: Prime jumbo RMBS advance rates nose-dive

Subprime rates stabilize
Ben Lane
"Bank servicers, such as Wells Fargo and JPMorgan Chase, have maintained a high (more than 90%) level of advancing on prime jumbo collateral," the analysts write. "However, nonbank servicers, such as Nationstar and Ocwen, have advance rates that are substantially lower and have been steadily declining over the past six months."
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Small mortgage lenders and large banks face off

Fannie Mae: Smaller lenders to contract credit standards
Brena Swanson
Lending standards are likely to tighten at smaller and midsize lenders over the next three months, but at the same time, the smaller guys are stealing larger banks' mortgage market share.
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Wells Fargo: Chicago home loan bank seeks Ginnie Mae alliance

Redwood Trust also plans joint venture
Jacob Gaffney
"Details are not known yet; however, based on news reports, this program could result in additional GNMA residential mortgage backed securities supply," said a research report from Wells Fargo.
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Nonbanks pounce on mortgage market

Big banks pull back
Brena Swanson
Nonbanks are swooping in on the extra market share that megabanks are losing ground on. At the same time, the nation’s two largest originators only made 21% of the home loans in the second quarter.
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JPMorgan, Goldman Sachs next on earnings’ horizon

Mega banks lose to smaller lenders
Brena Swanson
Next on the earnings list, Goldman Sachs and JPMorgan Chase, but according to one analyst, the two will post more of the same.
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