Fed restricts Wells Fargo’s growth

Wells Fargo will be restricted from growing more than its total asset size as of the end of 2017 under a consent cease-and-desist order issued by the Federal Reserve Board. The Fed said the order responds to the bank’s recent consumer abuses and other compliance breakdowns. The growth restriction will apply until Wells Fargo sufficiently …

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SoFi slashes mortgage workforce

P2P lender Social Finance (SoFi) cut 5% of its mortgage staff this week in a move that will primarily affect its offices in Healdsburg, Calif., and Utah. The company will be pink-slipping about 65 mortgage workers in all, according to a San Francisco Business Times report. However, SoFi spokesman Jim Prosser insisted the layoffs weren’t …

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Homeownership gains momentum in Q4’17

The rate of homeownership rose in the fourth quarter, signaling upward momentum after staying near 50-year lows in recent years. The homeownership rate was 64.2% during the quarter, up from the 63.7% rate in the fourth quarter of 2016 and an increase from the 63.9% rate in the third quarter of 2017, according to statistics …

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Nationstar to pay millions to state over ‘unfair and deceptive practices’

The Massachusetts attorney general has announced that Nationstar Mortgage, now known as Mr. Cooper, will pay millions of dollars to settle claims that it placed the state’s homeowners at risk of foreclosure through “unfair and deceptive practices.” On Tuesday, Massachusetts Attorney General Maura Healey announced that her office had secured “millions of dollars in relief” …

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Bank of America to Pay $3.4M Whistleblower Settlement Over Foreclosure Practices

The lawsuit alleged the bank was using rubber-stamped promissory note endorsements in violation of a consent judgment. Bank of America agreed to pay $3.4 million to the federal government to settle whistleblower claims filed by Miami attorney Bruce Jacobs. The Jan. 5 agreement stems from allegations that the bank didn’t meet documentation standards for foreclosures and bankruptcies even after …

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