Items Tagged with 'Wells Fargo'

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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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  • Builder confidence falls at start of new year

    But remain confident tax reform will bring greater economic growth
    Builder confidence declined slightly at the start of 2018, according to the National Association of Home Builders and Wells Fargo Housing Market Index. However, NAHB explained that builders continue to remain confident that recently passed tax reform will promote economic growth.
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  • Wells Fargo pays $3.25 billion in Q4 for mortgage regulatory investigations, sales practices

    Mortgage banking creates pull on bank’s income
    2017 has been quite a year for Wells Fargo, as it continued to face fallout from its massive fake accounts scandal. Now, the bank’s fourth quarter earnings show Wells Fargo paid a total of $3.25 billion in pre-tax expenses for litigation accruals on a variety of matters including mortgage-related regulatory investigations, sales practices and other consumer-related matters.
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  • These banks raised wages on heels of tax reform

    More mortgages for low-to-moderate income borrowers, too
    Banks are giving back to their employees after Republicans in Congress passed their major tax overhaul last week. One bank even announced it would increase funding to its program which offers down payment assistance and financial education to homebuyers.
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  • Fed Vice Chairman Randal Quarles to recuse himself from Wells Fargo matters

    Action taken to “avoid even the potential appearance of a conflict of interest”
    Aiming to avoid “even the potential appearance of a conflict of interest,” Federal Reserve Vice Chairman will recuse himself from matters involving Wells Fargo, the Fed announced Friday. Quarles said that he sold all of his stock in Wells Fargo after being confirmed as a Fed governor, but added that he is taking this “voluntary” step even though he is not legally required to.
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  • Wells Fargo lays off 60 staff members from mortgage unit

    But currently looking to hire 1,500 for mortgage-related roles
    Wells Fargo recently laid off about 60 of its employees from the bank’s giant mortgage division. But the layoffs do not appear to be any kind of scale back by Wells Fargo, which is the largest U.S. mortgage lender by volume. Here’s what people close to the matter say.
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