Items Tagged with 'Wachovia Bank'


  • Wells Leads Commercial, Multifamily Servicers: MBA

    Wells Fargo/Wachovia Bank leads commercial and multifamily mortgage servicers in the first half of 2009. The servicer held $476.2bn of US master and primary servicing as of mid-year 2009, according to a survey of commercial and multifamily mortgage servicers by the Mortgage Bankers Association (MBA). Wells serviced 42,829 loans with an average loan size of $11.1m as of June 30.
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  • Servicers Initiate 230,000 HAMP Trials, Says Treasury

    Servicers have offered more than 400,000 mortgage modifications and initiated more than 230,000 trial modifications since the Home Affordable Modification Program (HAMP) began in March, the US Treasury Department said Tuesday. That progress, Treasury said, is on target to meet the Obama Administration’s announced goal of helping 3m to 4m homeowners receive affordable modifications during the next three years.
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  • Genpact Moves into Loan Mod Outsourcing

    (Update 1: corrects number of employees at the firm) Perhaps the most enduring aspect of the nation's mortgage crisis thus far is this: it is bringing together two usually separate sides of the mortgage banking industry, in originations and default management. Long separated by both process and staffing, we're seeing many origination specialists -- whether technology, process, consulting, document management, or otherwise -- make the move into the default space as the drumbeat of loan modifications continues to grow ever-louder.
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  • Wells Looks to Expand Servicing, Loss Mit Staff

    Wells Fargo Home Mortgage said this week that it will look to add up to 200 employees in its San Antonio customer service operations center, with many of the positions in loss mitigation roles designed to work with troubled borrowers. The bank will be looking to hire full-time positions in both loan-application processing and default/borrower retention at a job fair scheduled for June 4, according to a local press report in the San Antonio Business Journal.
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  • Citi Decries Wachovia's Agreement With Wells Fargo, Threatens Suit

    There's another suitor in line for Wachovia Corp. [stock WB][/stock], and Citigroup Inc. [stock C][/stock] doesn't like it. In fact, Citi has taken the lovers' spat to Judge Judy proportions by calling Wachovia's agreement to sell to Wells Fargo & Co. [stock WFC][/stock] a "breach of an Exclusivity Agreement" in a press statement Friday.
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