Items Tagged with 'Cross-selling'

ARTICLES

  • Wells Fargo fallout: New York places restrictions on incentives for bank employees

    Compensation tied to employee performance needs 'effective oversight'
    At the core of the fake account scandal surrounding Wells Fargo right now is the fact that more than 5,000 of the bank’s former employees opened more than 2 million fake accounts to get sales bonuses. As the Wells Fargo situation works it way through various political and judicial machinations, the state of New York is taking measures to ensure that similar behavior, which led to a $185 million fine for Wells Fargo, doesn’t happen again.
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  • Is Wells Fargo scandal just the beginning of big-bank bad-behavior probe?

    CFPB director: "We will be looking for these types of problems"
    A quick search through the CFPB's public consumer complaint database produces some alarming results that raise the question: "Is Wells Fargo’s cross-selling scandal over and is it really limited to only one bank?” The following complaint examples do exactly what the database is designed to do, "humanize the problems." With millions of customers already impacted from Wells Fargo’s scandal, you can bet potential and current borrowers are now more weary about trusting banks.
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  • Beware of Pitfalls with Reverse Mortgages

    Responding to a reader question, Laura Rowley, writing for AOL Daily Finance, warned that reverse mortgages are "complicated, expensive and ripe for abuse." The question from the reader asks about reverse mortgages because their are so many financial planners pushing this sort of thing.  The response falls along the lines that reverse mortgages work for those seniors with little or no other options. It is yet another article that relates the fees associated with a reverse mortgage as "hefty," but without any type of comparison to the fees and benefits of other types of borrower.  Pointing to the mortgage
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  • Are Skeptics Holding Reverse Mortgages Back?

    Why are reverse mortgage lenders having a difficult time promoting the HECM product at a time when current interest rates allow a borrower to receive the maximum funds available under the program? In an article in National Mortgage News, Jeff Lewis, Chairman of Generation mortgage suggests that "naysayers...have succeeded at really casting a pall of negativity at what is a phenomenal proposition for the borrower.” Given that many originators are offering the product at or near the floor principle limit factor rate of 5.06% and that the lending limit is likely to be reduced in October, both Lewis and
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