Items Tagged with 'Wells Fargo Mortgage'

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  • Wells Fargo to pay $17 million to Illinois pension funds over crisis-era mortgage bonds

    Brings state’s total recovery to more than $500 million
    Wells Fargo will pay more than $17 million to a series of Illinois pension funds after settling with the state over the bank’s “misconduct in its marketing and sale of risky residential mortgage-backed securities leading up to the 2008 economic collapse,” Illinois Attorney General Lisa Madigan announced this week.
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  • Wells Fargo eliminating 900 mortgage jobs

    Cutting approximately 1,000 positions overall
    A few months ago, Wells Fargo revealed that it is planning to cut as many as 26,500 of its employees over the next few years as the bank works to reorganize itself amid the shifting landscape surrounding the financial services industry. And now, the first of those cuts are hitting home, right in the mortgage division.
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  • Wells Fargo reveals software error led to hundreds of faulty foreclosures

    Internal review shows more modifications were improperly denied due to software error
    Earlier this year, Wells Fargo revealed that a software error in its mortgage underwriting system led to hundreds of unnecessary foreclosures, but now it appears the problem is even bigger than the troubled bank first thought. Wells Fargo revealed Tuesday that the problem actually affected hundreds of additional borrowers.
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  • Wells Fargo commits $1.6 billion to help revitalize Washington, D.C.

    Pledges more mortgages, small business lending, community lending
    Aiming to aid in the revitalization of the nation's capital, Wells Fargo announced Tuesday that it is committing more than $1.6 billion in lending and philanthropy in Washington, D.C., over five years. Through the program, Wells Fargo will triple its community giving and "concentrate resources on the biggest needs identified by community leaders," including affordable housing, small businesses, and job skills.
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  • Wells Fargo to begin buying eNotes

    Digital mortgage revolution takes big step forward
    Wells Fargo, which began accepting digital mortgage applications earlier this year, is about to take an even bigger step into digital mortgages, as the megabank announced Monday morning that it is going to begin buying eNotes (electronic promissory notes). To facilitate this expansion of its mortgage business, Wells Fargo is partnering with eOriginal, a digital solution provider for the mortgage industry and a HousingWire Magazine Tech100 winner in 2018.
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  • Wells Fargo mortgage originations tumble amid rising interest rates

    Mortgage banking income on the rise, despite declining originations
    As interest rates have risen over the last several months, mortgage originations appear to be trending down, especially in the refinance space. Wells Fargo reported Friday that it originated $46 billion in mortgages in the third quarter, which is down 22% from last year’s total of $59 billion during the same time period.
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  • Wells Fargo is back in the mortgage securitization business

    Prepares to issue first securitization since the housing crisis
    Once an absolute giant in the mortgage securitization space, Wells Fargo has been noticeably absent from the list of issuers since the housing crisis, but that’s all about to change. The lender is preparing to issue its first mortgage-backed securitization since the meltdown, and unlike its past securitizations, this one is backed by the highest of high-quality loans.
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  • Wells Fargo expects to cut as many as 26,500 jobs in the next 3 years

    Company reveals planned headcount reduction of between 5%-10%
    It’s been a rough few years for Wells Fargo and the next few years won’t be much better, for as many as 26,500 of the bank’s employees. That’s because the bank announced Thursday that it expects to see a reduction in headcount of as much as 10% of the company’s workforce in the next three years. The company currently has approximately 265,000 employees, meaning as many as 26,500 could be out of a job by 2021.
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  • Wells Fargo to lay off 638 mortgage lending employees

    Layoffs impact employees in four states
    According to a recent report, Wells Fargo announced this week it will lay off 638 of its mortgage lending professionals in California, Colorado, Florida and North Carolina. The big bank said it is attributing the layoffs to market changes.
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