The former head of beleaguered San Francisco-based bank Wells Fargo’s foreign exchange group claims he was fired weeks before he was to tell federal regulators about incentives that encouraged employees to “make false and misleading representations to customers, to engage in abusive sales practices, and to enrich themselves at the expense of clients.” That’s according …
Citadel’s success illustrates the importance of adding non-prime to your toolbox
by Ryan Smith12 Apr 2018 Most Read Upcoming mortgage Regulatory and Legislative Changes? Subprime lending is back, but don’t call it thatUnlike the risky subprime mortgages before the financial crisis, these new products have stricter regulations and are under a different name. Citadel Servicing Corp. just keeps breaking records – and its success is a …
Zillow to begin buying, selling homes directly
by Ryan Smith12 Apr 2018 Most Read The Many Ways to Be Relieved of Your Timeshare ObligationsWhile it is true that a timeshare contract is a binding legal document, it is often mistakenly thought that such a contract cannot only be cancelled. In fact, most timeshare companies maintain that their contracts are non – cancellable. …
Are you neglecting your most important tool as an originator?
by Ryan Smith11 Apr 2018 With the mortgage market becoming more challenging by the day, originators need to take advantage of what they can control and already own. However, most originators forget that this resource is available or simply don’t understand the value. What are we talking about? The thing that you spend countless hours …
Bank of America launches digital mortgage platform
by Ryan Smith11 Apr 2018 Bank of America has become the latest big lender to announce the launch of a digital mortgage platform. The bank’s Digital Mortgage Experience will allow clients to apply for a mortgage through the mobile banking app or online at the Bank of America website. Many aspects of the customer’s mortgage …
Homebuyer confidence increasing – but still low
by Ryan Smith10 Apr 2018 Americans were more confident about purchasing a home after expressing worry in February, according to new data. Fannie Mae’s Home Purchase Sentiment Index (HSPI) rose 2.5 points last month to 88.3, reversing the previous month’s dip. The share of respondents who said it was a good time to buy shot …
New Penn acquires Envoy’s correspondent lending division
by Ryan Smith10 Apr 2018 New Penn Financial has announced that it has acquired Envoy Mortgage’s correspondent lending division. “Finding a partner that shares our values in quality and client service was extremely important to us in building out this division,” said Kevin Harrigan, president of New Penn. “The Envoy team has demonstrated consistent business …
Fannie Mae regulations now permit lenders to assist with borrower closing costs
by Kim Burgess09 Apr 2018 Most Read The Many Ways to Be Relieved of Your Timeshare ObligationsWhile it is true that a timeshare contract is a binding legal document, it is often mistakenly thought that such a contract cannot only be cancelled. In fact, most timeshare companies maintain that their contracts are non – cancellable. …
Wells Fargo Sales Push Extended to Wealth Unit, Ex-Workers Say
Pay structure said to place lender’s interests over clients’ Disclosures come amid multiple probes of bank’s retail unit Credit card and savings customers may not be the only ones who were misled by Wells Fargo & Co. Some clients of the bank’s wealth-management division were steered into investments that maximized revenue for the bank and compensation …
Exempt smaller IMBs from audits, lender group tells CFPB
by Francis Monfort04 Apr 2018 Most Read The Many Ways to Be Relieved of Your Timeshare ObligationsWhile it is true that a timeshare contract is a binding legal document, it is often mistakenly thought that such a contract cannot only be cancelled. In fact, most timeshare companies maintain that their contracts are non – cancellable. …