The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

A real estate professor weighs in on the future of MLSs

According to research done by Sonia Gilbukh, a real estate professor at Baruch College, there are some reasons to be concerned about the current number of real estate agents and the future of MLSs.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Wells Fargo, already in various degrees of hot water over using customers’ personal information to open accounts without their knowledge or consent, now has another black eye over the bank’s security of its customers’ information.

The New York Times reported over the weekend that Wells Fargo accidentally leaked the sensitive personal information of approximately 50,000 of its wealthiest clients to a former employee who’s suing one of the bank’s employees for defamation.

Here are the details from the Times report:

When a lawyer for Gary Sinderbrand, a former Wells Fargo employee, subpoenaed the bank as part of a defamation lawsuit against a bank employee, he and Mr. Sinderbrand expected to receive a selection of emails and documents related to the case.

But what landed in Mr. Sinderbrand’s hands on July 8 went far beyond what his lawyer had asked for: Wells Fargo had turned over — by accident, according to the bank’s lawyer — a vast trove of confidential information about tens of thousands of the bank’s wealthiest clients.

The 1.4 gigabytes of files that Wells Fargo’s lawyer sent included copious spreadsheets with customers’ names and Social Security numbers, paired with financial details like the size of their investment portfolios and the fees the bank charged them. Most are customers of Wells Fargo Advisors, the arm of the bank that caters to high-net-worth investors.

According to the report, the leaked information came via the discovery process in Sinderbrand’s lawsuit, and because the files came with no protective orders or confidentiality agreements, Sinderbrand could theoretically release the information to the public or include in in their lawsuit filings, which would also become public record.

And according to the Times report, the information that was leaked is sensitive.

Again from the Times report:

The New York Times was shown large portions of the data and confirmed that it included what appeared to be clients’ names, unredacted Taxpayer Identification Numbers, assets under management, portfolio performance, mortgage information and details on 529 education savings plans.

One file, for example, contained details on the holdings of a well-known hedge fund billionaire who had at least $23 million invested through Wells Fargo Advisors.

Click here or below for much more from the Times.

Latest Articles

Existing home sales pop the 2021 housing bubble boys

So far this year, every existing home sales print has been higher in 2021 than the closing level of sales in 2020, which was 5,640,000. Even with the unhealthy home price gains that we have seen in the last two years, more Americans have bought homes with mortgages in 2020 and 2021 than any single year from 2008-2019, and this looks perfectly normal with our current demographics. HW+ Premium Content

Sep 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please