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Items Tagged with 'Wells Fargo Home Mortgage'

ARTICLES

  • Wells Fargo facing $1 billion fine for mortgage and auto insurance issues

    Bank confirms it is facing a fine from CFPB and OCC
    Earlier this week, reports emerged that the Consumer Financial Protection Bureau was seeking a “record fine” against Wells Fargo for mortgage and auto insurance issues. Wells Fargo confirmed Friday that it is indeed facing a fine of $1 billion over mortgage lending and auto insurance abuses.
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  • Wells Fargo hires former New York Fed exec to improve regulator relations

    Sarah Dahlgren named head of regulatory relations
    It’s probably safe to say that Wells Fargo has had a rough relationship with its various regulators over the past few years. Now, as part of an effort to improve its relationships with regulators, Wells Fargo is naming a new head of regulatory relations. Sarah Dahlgren, a long-time executive at the Federal Reserve Bank of New York will fill the role at Wells Fargo.
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  • Wells Fargo picks Michael DeVito to lead home lending efforts

    Removes "interim" tag from DeVito, who took over after Franklin Codel was fired
    Wells Fargo has found the next leader of its home lending efforts, naming one of its own as the permanent replacement for Franklin Codel, who was fired late last year for misconduct. After Codel was fired, the bank named Michael DeVito, who served as head of mortgage production, to serve as the interim head of home lending. Now, Wells Fargo is taking the "interim" tag off of DeVito's title.
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  • Shocker: Wells Fargo fires head of consumer lending for misconduct

    Franklin Codel terminated for inappropriate communications with former employee
    It appears that Wells Fargo’s season on the brink is far from over. The bank struggled since the revelation of its fake account scandal, and the bad news isn’t over yet. The troubled bank just fired Franklin Codel, the head of the bank’s consumer lending division, for misconduct.
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  • Wells Fargo fails fair lending test due to "discriminatory and illegal" credit practices

    Bank’s Community Reinvestment Act rating lowered to "Needs to Improve"
    Late last year, as the fallout from the fake account scandal at Wells Fargo was still in full force, rumors began to circulate that the bank could be facing another regulatory smackdown due to reportedly failing to meet its requirements under the Community Reinvestment Act. And Tuesday, the other shoe dropped, as the bank disclosed that it did indeed fail to meet its CRA requirements.
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  • Wells Fargo's fake account scandal didn't dent 2016 mortgage business

    Here's a full breakdown
    Wells Fargo spent much of the latter part of 2016 cleaning up the mess from its massive fake accounts scandal and trying to repair the damage to its reputation, but the bank’s mortgage business certainly didn’t suffer last year. Here's a full breakdown of Wells Fargo's 2016 mortgage business, including how many 3% down mortgages the bank originated.
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  • More trouble for Wells Fargo as bank reportedly fails fair lending requirement

    Reuters reports that bank ran afoul of Community Reinvestment Act
    The dark clouds surrounding Wells Fargo are about to get a lot darker, as the bank, which is already in hot water over its recent fake account scandal, is reportedly falling short in its fair lending requirements and faces additional sanctions. Click through for the full story.
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  • Fitch: Wells Fargo mortgage servicer ratings unaffected by fake account scandal

    Ratings agency affirms bank's prime, Alt-A, subprime servicer ratings
    While Wells Fargo is fighting to earn back its customers’ trust and fighting off various forays from legislators because of the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses, the bank’s ability as a mortgage servicer is still on solid footing, according to a new repot from Fitch Ratings.
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