CFPB Slaps Wells Fargo with $1 Billion Fine

Wells Fargo (NYSE: WFC) must pay a $1 billion fine related to its auto loan and rate-lock programs, the Consumer Financial Protection Bureau announced late last week. The whopping penalty comes as the CFPB has generally relaxed its enforcement actions under the Trump administration and new acting director Mick Mulvaney, and received support from both […]

Remembering Jeff Taylor, Industry Leader and Wells Fargo Veteran

Jeffrey Taylor, longtime reverse mortgage figurehead and a 35-year veteran of the financial services industry, passed away Tuesday in his home in Greensboro, N.C., RMD has learned. During his reverse mortgage career, Taylor led Wells Fargo’s senior products group, which became the leading retail originator of reverse mortgages. He has served as a guide, mentor, […]

Carson Calls for Relaxed Federal Oversight for FHA Lending

Ben Carson used a speech at the Mortgage Bankers Association’s annual conference in Denver to express interest in cutting government regulations on Federal Housing Administration-backed lending. The Housing and Urban Development secretary told the MBA that his department plans to make life easier for FHA lenders in order to expand loan availability to lower-income borrowers, […]

Wells Fargo Eliminates 116 Reverse Mortgage Servicing Jobs

With Wells Fargo’s exit from the reverse mortgage market now complete, the banking giant has shed more than 100 jobs associated with former its Home Equity Conversion Mortgage servicing operations. Wells Fargo eliminated 116 positions at its call center in Fort Mill, S.C. after formally handing off servicing operations to Champion Mortgage on September 1, […]

Wells Fargo Closes Book on Reverse Mortgages with Final Servicing Transfer

Wells Fargo (NYSE: WFC) will complete the transfer of all remaining reverse mortgages in its servicing portfolio to Champion Mortgage on September 1, ending an era in the Home Equity Conversion Mortgage industry. The two parties agreed to the transfer of about 80,000 HECMs — the last remaining in Wells Fargo’s portfolio — back in […]

Friday Round-Up: Fox Loves HECMs, Jackson Makes Anti-Foreclosure “PUSH”

It’s finally warming up around RMD’s headquarters in Chicago, and with the long-awaited spring weather came a bumper crop of news from around the reverse mortgage world and beyond. So if you’ve been too lost in the Comey-Trump soap opera to follow RMD’s coverage of the week in Home Equity Conversion Mortgages, check out our […]

Sun-Times: Jesse Jackson Intervenes in Reverse Mortgage Default

Civil rights activist Jesse Jackson threw his influence into a Chicago reverse mortgage foreclosure case involving a 97-year-old reverend and community leader, according to a column in Tuesday’s Chicago Sun-Times. The Rev. Helen Sinclair, known locally as “Queen Mother,” received a foreclosure judgment from Wells Fargo in January, Sun-Times columnist Mary Mitchell reported. Sinclair, a […]

Friday Round-Up: HUD Plans to ‘Mystery Shop’ Reverse Mortgage Lenders

Congratulations on making it to another Friday—the weekend is in sight! A lot has happened in the past seven days, but in case you missed it, here’s what went down in reverse mortgage news this week: HUD Plans to ‘Mystery Shop’ Lenders for Reverse Mortgage Counselor Steering—Reverse mortgage lenders may soon find themselves subject to […]

Wells Fargo Enters $1.2 Billion Settlement Over FHA Lending Practices

Wells Fargo Bank, N.A. (NYSE: WFC) has agreed to pay $1.2 billion to settle civil mortgage fraud claims stemming from the company’s participation in a Federal Housing Administration (FHA) lending program, the Department of Justice announced Friday afternoon. Under the settlement, the fourth-largest bank in the U.S. accepted responsibility for certifying to the Department of […]