Items Tagged with 'Wells Fargo'

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Wells Fargo now offers 3% down payment mortgages

Allows FICO scores as low as 620
Wells Fargo is answering calls in the industry to expand the credit box. Not only did the bank announce it now offers a down payment of as little as 3% for fixed-rate mortgages, but it is accepting mortgages with a FICO score as low as 620. Here's how Greg Gwizdz, executive vice president of national retail sales with Wells Fargo, said the bank is making this program work.
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OCC terminates Wells Fargo's mortgage servicing restrictions

Fined $70 million civil money penalty
The OCC announced on Wednesday that it lifted the mortgage serving requirements on Wells Fargo now that it is in compliance with the requirements of the Independent Foreclosure Review. Wells Fargo is the most recent bank in a group of six to have its requirements lifted. But Wells Fargo didn’t come out of this unscathed and must pay a $70 million civil money penalty for previous violations of the order.
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Ocwen cleared of wrongdoing in multibillion dollar mortgage bond fight

Faced allegations of negligence from bond investors, including BlackRock, Pimco
Early in 2015, a group of mortgage bond investors that reportedly included BlackRock, MetLife, and Pimco accused Ocwen Financial of violating its duties as a mortgage servicer by failing to properly collect payments on $82 billion of home loans, thereby costing the investors $26 billion. Now, after a yearlong independent investigation found no evidence of the litany of allegations made by the investors, Ocwen is off the hook.
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Wells Fargo to investors: This is how digital lending makes us profitable

CFO lists future plans
Established in 1852, Wells Fargo is now the largest mortgage lender in the country and is one of the first pioneers to bring digital into the mortgage process. John Shrewsberry, Wells Fargo senior executive vice president, chief financial officer, presented the bank’s financial situation at its investor day on Tuesday, shedding light into how the bank plans to thrive moving forward. One major key to its success: Digital innovation.
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Ellie Mae teams up with Wells Fargo

Transfer data in one click
The two companies teamed up to create a solution for data transfer from Ellie Mae to Wells Fargo. Ellie Mae announced the new partnership, details the new process, and explains how it will improve efficiency. It's all right here.
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The digital mortgage revolution is happening now. Are you ready?

The new normal for mortgages
How fast is the digital mortgage revolution happening? Before I could even finish a feature piece for HousingWire’s magazine on digital innovation, get it edited, published and put on the website, let alone delivered in the mail, Wells Fargo rolled out an entirely new, more simplified and streamlined mortgage app for cell phones. Today’s digital pace of change is faster than fast. Are you moving with it?
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From HW Magazine

Digital disruption: How consumer demand is pushing lenders to a new normal

Do legacy lenders or tech startups have the advantage?
Saddled with legacy systems and burdened with changing regulations, the mortgage industry has been slow to adopt digitization compared to many other industries. Now, however, the industry must provide more transparency to regulators and satisfy consumers while managing tighter margins. In this perfect storm, there’s only one lifeboat — a digital process.
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Wells Fargo pledges $220 billion for minority, low-income mortgages

Commitment part of 5-year 'corporate social responsibility' plan
Aiming to use its place as one of the nation’s largest banks to address "global social, economic, and environmental challenges," Wells Fargo announced an ambitious five-year plan that includes massive investments in diversity and social inclusion efforts, environmental causes, and billions of dollars for mortgages in "underserved" communities.
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