Deal gives the nation’s biggest provider of riskier “non-QM” mortgages additional capacity to offer more traditional loans backed by Fannie and Freddie, FHA, VA and USDA. Continue reading
Once the nation’s largest home lender, Wells Fargo could be poised for a comeback in the mortgage business this year as it continues to make progress in addressing regulators’ concerns about its past practices. Continue reading
Investors claimed they were misled about bank’s progress in fixing governance and oversight issues that came to light in wake of 2016 “fake accounts” scandal. Continue reading
Parent company Home Point Capital to take an equity stake in The Loan Store, with Homepoint executive Phil Shoemaker to be installed as CEO when the deal closes by the end of the second quarter. Continue reading
The bank says it has racked up $353 million in severance expenses as it closes branches and pursues a “more focused home lending business.” Continue reading
Executives hope to reduce risk by reducing the size and narrowing the focus of bank’s mortgage business to better serve retail customers and minority communities. Continue reading
New branded client portal lets homebuyers apply for loans, review documents and e-sign disclosures and closing documents. Continue reading
The Irving, Texas-based lender is also reportedly in negotiations to sell its retail mortgage division, which employs about 1,000 loan originators nationwide. Continue reading
Executives said to be concerned about reputational risk of correspondent lending channel, which has historically accounted for as much as half of the bank’s home loan business. Continue reading
Rising interest rates and a shrinking branch network are cutting into Wells Fargo’s mortgage business, and bank executives say they’re fine with that. Continue reading