Politics & MoneyMortgage

Wells Fargo originations may be off by 30%

Wells Fargo (WF) Chief Financial Officer Tim Sloan says mortgage originations are projected to be off by 30%, while refinance volumes will be off by an estimated 60%.

Seeking Alpha elaborated on Sloan's statements:  

Still, he reminds business remains strong and those percentages are based on very strong comparables.

One bullish stat shows mortgage payments to disposable income is just 18% vs. a fifty-year average of 27%. At the height of the bubble it was 30%. Amid the high interest rates of the early 80s, it was about 50%.

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Caliber Home Loans CEO Sanjiv Das steps down

Sanjiv Das, CEO of Caliber Home Loans, is stepping down as CEO of the company, less than one year after New Residential Investment Corp. (Newrez) acquired the mortgage lender and servicer, sources familiar with the situation confirmed. 

3d rendering of a row of luxury townhouses along a street

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