Items Tagged with 'Wells Fargo Mortgage'


  • Wells Fargo board shakeup continues: Longest-serving directors set to retire

    Four board members will retire next month
    Four members of Wells Fargo’s board of directors, including its three longest-serving directors, will retire next month as the bank continues to clean up from its troubles of the last 18 months. On the way out are John Chen, Lloyd Dean, and Enrique Hernandez, each of which has served on the Wells Fargo board for at least 10 years, along with Federico Peña.
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  • Sacramento sues Wells Fargo over lending discrimination

    Lawsuit accuses bank of targeting minority borrowers with high-cost loans
    For the second time in less than a year, a major city is suing Wells Fargo for alleged discriminatory lending practices against minority borrowers. Last year, the city of Philadelphia sued Wells Fargo. Now, Sacramento is suing Wells Fargo as well for allegedly steering minority borrowers to high-cost loans.
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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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  • Trump: CFPB not dropping penalties against Wells Fargo, bank will be fined for mortgage issues

    Responds to Reuters report on Mulvaney pausing regulatory action
    In addition to all the issues Wells Fargo faced over the last year, the bank said back in October that it planned to refund more than 100,000 borrowers who were improperly charged for rate lock extensions from Sept. 16, 2013, through Feb. 28, 2017. As it turns out, the CFPB was also looking into the issue and apparently planned to fine the bank for the improper rate lock fees, until Mick Mulvaney took over as acting director – or so it appeared.
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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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  • Monday Morning Cup of Coffee: Wells Fargo prepares to unveil digital mortgage

    Nation’s biggest mortgage lender going digital in 2018
    The digital mortgage revolution is about to hit lightspeed, as the nation's largest mortgage lender is preparing to go digital. That's right. Wells Fargo is developing its own digital mortgage platform. Actually, Wells Fargo is doing more than preparing to go digital. The bank is already testing its own digital mortgage experience and plans to fully roll it out at some point in 2018. Here's the full scoop.
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  • Wells Fargo, Citi, Chase results show 2017 will be a down year for big bank mortgages

    A deep dive into the mortgage business at the big banks
    Market observers were already predicting that 2017 would be a rough year for mortgages, at least compared to 2016. So it shouldn't come as a surprise that when Wells Fargo, Citigroup, and JPMorgan Chase reported their financial results for the first half of the year mortgages were not a significant driver of revenue. But a deeper dive into the big banks’ results shows 2017 will not be kind to mortgages, for the big banks at least.
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  • Philadelphia sues Wells Fargo over discriminatory lending

    Cites recent Supreme Court decision that gave cities right to sue lenders
    Earlier this month, the Supreme Court ruled that cities have the right to sue banks over discriminatory mortgage lending practices, but the ruling established a standard that might be tough for the city in question to prove. Now, the city of Philadelphia is taking that challenge head-on and suing Wells Fargo for alleged discriminatory lending practices against minority borrowers.
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  • Settlement approved: Wells Fargo customers will get $50 million for overcharged mortgage fees

    Class action settlement over Broker Price Opinions is finalized
    Borrowers who had a mortgage serviced by Wells Fargo between May 6, 2005 and July 1, 2010 will soon receive their share of a $50 million settlement stemming from allegations that Wells Fargo overcharged borrowers for Broker Price Opinions during that period, as a class action settlement covering the overcharging is now finalized.
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