Wells Fargo Agrees to $1.2 Billion Settlement Over FHA Lending

Wells Fargo & Company (NYSE: WFC), the largest home mortgage lender in the U.S., entered into a $1.2 billion settlement with the federal government to resolve civil claims concerning its Federal Housing Administration (FHA) lending activities, according to a Securities and Exchange Commission filing this week. The settlement, which includes the U.S. Department of Justice, […]

Counseling Alternative, Will Big Banks Return to Reverse Mortgage Lending?

Reverse Focus Weekly Podcast Episode #373 Will large banks like MetLife (NYSE: MET), Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC) return to reverse mortgage lending? Shannon Hicks weighs this question in this week’s Reverse Focus podcast. While this possibility remains to be seen, however, economic and lending conditions couldn’t be better for […]

Urban Financial Names Industry Veteran to Oversee Midwest Retail Division

Urban Financial of America, LLC, has hired industry veteran Ron Bartley as Midwest area manager for the No. 3-ranked reverse mortgage lender’s Retail Sales Division. “With nearly a decade in the reverse mortgage industry and 40 years’ mortgage experience, Ron is truly a seasoned mortgage veteran who brings expertise, client knowledge and exceptional recruiting talent to […]

Consumer Satisfaction Rebounds for Big, Midsize Banks

Overall banking satisfaction among small businesses bounced back in the last year, with large and midsize banks showing the strongest improvements, according to the J.D. Power 2014 U.S. Small Business Banking Satisfaction Study.   Now in its ninth year, the study measures small business customer satisfaction with the overall banking experience by examining eight factors such […]

U.S. News: Debunking 5 Mortgage Myths

Misconceptions about mortgages may have homebuyers fearful or overjoyed, but five debunked myths may move them more toward the middle of the spectrum, according to a recent U.S. News & World Report article.  The article cites research conducted by Wells Fargo & Co., the largest mortgage lender in the U.S., which was published in September. […]

Bloomberg: Worst Year for Mortgages Since ’90s

The forecast for total home loan production this year looks grim, Bloomberg News reports, citing information gleaned from Wednesday’s investor conference in New York. Total home production this year could be the lowest since the 1990s, PNC Financial Services Group Inc. (PNC) CEO Bill Demchak said at the conference, as reported by Bloomberg. “It’s going […]

Two CFPB Mortgage Rule Experts Join Wells Fargo

Two Consumer Financial Protection Bureau officials have been hired by Wells Fargo, reports the American Banker. Both new hires, Peter Carroll and Lisa Applegate, had important roles in shaping new mortgage rules that went into effect in January and will help Wells Fargo expands its focus on mortgage policies and the home loan capital markets, a […]

Calif. Judge Dismisses Wells Fargo, FNMA Reverse Mortgage Lawsuit

A proposed class action representing heirs of reverse mortgage borrowers was dismissed by a California judge on Friday without leaving the plaintiff an opportunity to appeal.  The suit, brought by AARP on behalf of plaintiff Robert Chandler against Fannie Mae and Wells Fargo in 2011, was the second reverse mortgage lawsuit brought by AARP in […]

WSJ: Small Mortgage Lenders Own the Market

Smaller lenders are seeing an opportunity to gain market share as more big banks scale back their mortgage lending operations, according to an article from The Wall Street Journal (WSJ).  As of the third quarter of this year, smaller mortgage lenders have held a 60% market share of the U.S. origination market, an increase from […]