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Mortgage News Daily

Wells Fargo to Face Largest Fine Yet

Posted To: MND NewsWire

Once again Wells Fargo is about to pay dearly for its inability to walk the straight and narrow. The Washington Post , under the byline of Renae Merle, is reporting that the bank is about to be hit with the largest penalty of the Trump administration , perhaps as early as today. A settlement, reported to be in the neighborhood of $1 billion, has been reached between wells and its regulators, the Consumer Financial Protection Bureau (CFPB), and the Office of the Comptroller of the Currency (OCC) over improprieties in both their mortgage and auto lending business. The Bank acknowledged last week that it faced a hefty fine. Neither regulator has commented on the matter to date. Wells Fargo has admitted to charging some customers improper fees to lock in their mortgage interest rates and to forcing...(read more)

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MBS Day Ahead: If Rates Keep Moving Higher, It Could Still Be a Head Fake

Posted To: MBS Commentary

Rates are in the midst of a serious, threatening move higher. Yesterday brought additional confirmation of the end of the friendly Springtime consolidation trend and it took us one step closer to the highest yields in more than 4 years. The specific reasons for yesterday's weakness were covered in the MBS Live Huddle , but even then, the bigger-picture justification for gradual weakness in 2018 is well-documented here and elsewhere (Treasury issuance, Fed policy outlook, upside growth/inflation risks). Rates could very well continue higher today--possibly even enough to break those pesky 4-year highs from back in late February. But even if they do, it might not be the end of the world. In fact, there are at least 2 recent examples of big scary rate spikes consolidating (like we did in March...(read more)

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MBA's Compliance Accreditation; Freddie and Fannie Changes Continue

Posted To: Pipeline Press

Did you know that Wells Fargo gives more assistance and aid to people and communities through its Foundation than any other company in the United States. For example, “the Wells Fargo NeighborhoodLIFT program looks to the future by delivering down payment assistance and financial education to homebuyers.” If only people focused on that, right? Not only did Wells tragically lose an employee in the Southwest Airline accident, but in a smack to the Retail Division the American Federation of Teachers notified Wells that it is dropping the bank as a recommended mortgage lender for the national education union's 1.7 million members. The press continues to talk about a settlement of a potential $1 billion fine, and by some specific measures other lenders have overtaken Wells’ volume...(read more)

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Barbara Jenkins
Loganville, GA 30052

Direct: 678-639-0700
Mobile/Text: 404-401-0569

Solid Source Realty
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10900 Crabapple Road, Roswell GA 30019
Office: 770-475-1130 Ext 4769

Fax:888-607-0732
Email: barbara@thehouseofsold.com

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