Wells Fargo (WFC) has already run aground on the sandbar that is regulation and its mortgage banking activity has fallen off a cliff, which is why the banking giant is recruiting executives from the Consumer Financial Protection Bureau.
The lender has now hired two former CFPB officials who helped shaped the regulations regarding mortgages.
Wells Fargo this week announced it hired Lisa Applegate, who formally headed up mortgage implementation at CFPB, as strategic quality manager within Wells' home lending capital markets group. She will oversee mortgage policies and home loan capital markets when she starts in late April.
Last month, the bank hired Peter Carroll, who served as the CFPB's assistant director of mortgage markets, to serve as senior vice president of capital markets at Wells Fargo Home Mortgages.
Carroll has been critical in the early discussions of the Qualified Mortgage rule, and instrumental in shaping the regulations.