Items Tagged with 'Wells Fargo Mortgage'

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  • 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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  • CFPB reportedly seeking $1 billion fine against Wells Fargo

    Reuters reports fine would cover mortgage lending and auto insurance issues
    Late last year, reports began to emerge that the CFPB was considering fining Wells Fargo for mortgage lending abuses and other issues. At the time, the potential fine was thought to be less than the $100 million fine levied against Wells Fargo by the CFPB for the bank’s fake account scandal in 2016. But it looks like Wells Fargo could be facing a much larger fine after all, one with a few more zeroes tacked onto it.
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  • 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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